Oman: Visió econòmica i política
The Sultanate of Oman has experienced remarkable economic growth since 2004, primarily driven by the exploitation of its oil reserves. Despite a contraction due to the pandemic, Oman's economic recovery continued in 2022 (+4.3% of GDP) and 2023 (+1.2%), supported by favourable hydrocarbon revenues. According to official governmental figures, Oman’s GDP at constant prices rose 1.6% year-on-year in 2024 to OMR 37.7 billion (USD 98.1 billion), while GDP at current prices dropped 3.0% to OMR 40.7 billion, driven by weaker oil activity. Non-oil sectors grew 3.7%, led by manufacturing (+8.5%), wholesale and retail trade (+7.1%), and financial services (+3.5%). Oil-related activities declined 3.6% in real terms due to lower crude output and prices. According to the IMF, real GDP growth is expected to rebound to 2.6% in 2025, driven by recovering hydrocarbon output (+1.0%) as OPEC+ cuts ease, and stronger non-hydrocarbon growth (+3.4%) supported by construction, manufacturing, and services. Over the medium term, non-hydrocarbon activity is set to rise to 4.2% as major private investments are rolled out.
Oman has made significant progress in strengthening its fiscal and external positions while advancing the implementation of Oman Vision 2040. The Medium-Term Fiscal Plan (MTFP), initiated in 2020, has played a crucial role in achieving fiscal sustainability by diversifying revenue streams, controlling expenditures, and prudently managing hydrocarbon windfall savings. The overall budget recorded a surplus of OMR 520 million, compared to OMR 830 million in the same period of 2023. Government revenues rose 4% to OMR 10.2 billion by October 2024, driven by oil revenues (+11%), goods and services taxes (+18%), and stable non-oil receipts. Public spending increased 8% to OMR 9.68 billion, including higher allocations for development projects and sectoral subsidies. The 2025 budget aims to maintain fiscal discipline, further reducing the non-hydrocarbon primary deficit, while keeping spending on social safety nets largely unchanged compared to 2024. Government net financial assets are projected to turn positive in 2025 for the first time since 2017, rising to 6.8% of GDP by 2029, driven by asset accumulation and modest deleveraging as debt approaches 30% of GDP. Oman is assessed to be at low risk of sovereign debt stress, supported by strong financial buffers that mitigate liquidity and solvency risks. Meanwhile, inflation is estimated to have remained low at 0.8% in 2024, gradually converging to 2% over the medium term, according to the IMF.
The National Centre for Statistics and Information (NCSI) reported a continued decline in Oman’s unemployment rate, which fell to 3.6% by November 2024. The rate is much higher for women than for men (at 10.3% and 1.9%, respectively) and is not expected to see significant changes in 2025. In recent years, the government introduced initiatives to address the high share of expatriate workers, including bans on foreign worker visas, to promote the employment of Omani citizens. In 2024, the number of foreign workers declined by around 1% compared to 2023, while Omani workers increased by approximately 0.5%. Additionally, the authorities have implemented a new labour law focused on modernizing regulations and enhancing working conditions and flexibility in the labour market. Several initiatives have been launched to bolster the employment of nationals in the private sector, including the Wage Protection System and providing wage support to private sector employers for hiring nationals.
| Main Indicators | 2023 (E) | 2024 (E) | 2025 (E) | 2026 (E) | 2027 (E) |
| GDP (billions USD) | 108.81 | 109.99 | 111.31 | 116.19 | 121.29 |
| GDP (Constant Prices, Annual % Change) | 1.3 | 1.0 | 3.1 | 4.4 | 4.0 |
| GDP per Capita (USD) | 21,063 | 20,631 | 20,230 | 20,462 | 20,699 |
| General Government Gross Debt (in % of GDP) | 36.5 | 34.1 | 33.6 | 31.7 | 30.4 |
| Inflation Rate (%) | 0.9 | 1.3 | 1.5 | 2.0 | 2.0 |
| Current Account (billions USD) | 2.64 | 2.53 | 1.60 | 1.80 | 2.25 |
| Current Account (in % of GDP) | 2.4 | 2.3 | 1.4 | 1.5 | 1.9 |
Source: IMF – World Economic Outlook Database, October 2021
Oman has a workforce of 2.69 million out of its 5 million population, of whom about 43% are expatriates. The share of expatriate workers has declined in recent years as Oman implemented a visa ban to boost the hiring of Omani citizens. Prior to the discovery of oil fields, Oman was virtually a subsistence economy that was entirely based on agriculture and fisheries. Nowadays, the latter contributes only marginally to GDP (2.3%) and employs 6.1% of the workforce (World Bank, latest data available). Agricultural production is mainly composed of dates, limes, and bananas, and owing to the lack of fertile land the country needs to import from international markets. In the agricultural season of 2022/2023, wheat production in the Sultanate of Oman saw a remarkable surge of 229%, totalling 7,119 tonnes. Additionally, the number of farmers increased by 22%, and the area dedicated to wheat cultivation expanded by 160% year-on-year to 6,359 acres, according to data from the Ministry of Agriculture. Moreover, the government has recently implemented various initiatives to support the sector, including the provision of fortified wheat seeds and modern harvesting equipment.
The industrial sector accounts for 54.3% of GDP and employs 40.2% of the workforce (World Bank). Its share has increased considerably in the last two decades (employment in industries was as low as 11% in 2000) as Oman increasingly uses enhanced oil recovery techniques and supports mining and manufacturing. The manufacturing sector alone is estimated to contribute to 9% of GDP (World Bank). However, the country is heavily dependent on oil and gas resources, which generate between 70% and 85% of government revenue on average, depending on fluctuations in commodity prices. According to the National Centre for Statistics and Information, Oman’s manufacturing sector grew over 10% in H1 2024 year-on-year, with output at fixed prices reaching OMR 1.868 billion, driven largely by oil refining, petrochemicals, and basic chemicals. The Public Authority for Special Economic Zones and Free Zones (OPAZ) has launched new industrial cities to expand industrial establishments, attract local investment, and boost the sector’s GDP contribution. By the end of 2024, industrial licences in special economic and free zones rose to 183, with industrial cities accounting for 125, or 68% of the total.
The services sector accounts for 46.4% of GDP and 53.7% of the workforce (down from 82.4% in 2000). Oil-related activities comprise a significant share of the services sector; however, logistics (maritime transport in particular) and financial activities are growing steadily. Tourism is one of the sectors being developed in order for the Sultanate to build a sustainable non-oil future, and the number of tourists has more than doubled in the last decade (3.5 million in 2019, according to the National Centre for Statistics and Information) and just over 3.5 million in the first eleven months of 2024. Banking activity in the region is predominantly controlled by six domestic banks and two Islamic banks. Additionally, there are nine foreign banks, although they typically operate only one branch each. The sector exhibits moderate concentration, with the largest bank, currently the sole domestically systemically important bank (DSIB), holding approximately 40% of total banking assets, as reported by the IMF.Overall, the banking sector remains robust, with profitability returning to pre-pandemic levels. Capital and liquidity buffers are strong, and asset quality remains solid. Banks' net foreign assets became positive by the end of 2023, marking the first time since 2014. In 2024, wholesale and retail trade grew by 7.1%, while financial services expanded by 3.5% (data NCSI).
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 6.1 | 40.2 | 53.7 |
| Value Added (in % of GDP) | 2.3 | 54.3 | 46.4 |
| Value Added (Annual % Change) | 6.9 | 0.1 | 3.5 |
Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.}}
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
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Actualitzacions: May 2025
