Economy of Oman
Oman is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Oman may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Oman exports around $56.22 billion and imports roughly $30.75 billion. 16% of population in the country are unemployed. The total number of unemployed people in Oman is 772,791. In Oman, 32% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Oman is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.9% of GDP. The Gini Index of the country is 32. Oman is experiencing good equality. The majority of citizens in Oman fall within a narrow range of income, although some cases may show significant differences. Oman has a Human Development Index (HDI) of 0.783. Oman has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Oman is 1.947. Due to strong law enforcement presence and high social responsibility, Oman is very safe by international standards. The strength of legal rights index for Oman is 1. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
The currency of Oman is Omani rial. The plural form of the word Omani rial is rials. The symbol used for this currency is ر.ع., and it is abbreviated as OMR. The Omani rial is divided into Baisa; there are 1000 in one rial.
The depth of credit information index for Oman is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Oman has a credit rating score of A, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Oman has a credit rating score of A1, and the prospects of this rating are stable.
In Oman, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Oman. Locally, the central bank of Oman is called البنك المركزي العماني. The average deposit interest rate offered by local banks in Oman is 2%.
Oman has a government debt of 90% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Oman is set at 12%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Oman is 0%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Oman is $162967 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Oman was last recorded at $34 million. PPP in Oman is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Oman is 79,656 billion. Based on this statistic, Oman is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Oman was last recorded at $16 million. The average citizen in Oman has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Oman averaged 3.4% in 2014. According to this percentage, Oman is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Oman.
Major industries in the country are crude oil production and refining, natural and liquefied natural gas (LNG) production, construction, cement, copper, steel, chemicals, optic fiber. The total labor force of Oman is 2,544,130 people, wherein 16% of population in the country are unemployed. The total number of unemployed people in Oman is 772,791. The Industrial Production growth rate of Oman is 4.5%.To read more about industrial information within Oman click on industry of Oman.
There are 255 km2 of arable land in Oman, and it comprises 0% of the country's total territory. There are 552 km2 of cultivated land in Oman. The country's major agricultural crops and products are dates, limes, bananas, alfalfa, vegetables, camels, cattle, fish.To read more about agriculture click on agriculture of Oman.