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Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production in 2009, giving the country more time to diversify. The drop in oil prices in 2008 and the global financial crisis re...  More..

Economy of Oman
SOURCE: CIA - The World Factbook
Currency Rial
Fiscal Year 01 January - 31 December
GDP (PPP) $69.48 billion (2009 est.)
GDP (per capita) $23,900 (2009 est.)
Exports $29.34 billion (2009 est.)
Imports $18.41 billion (2009 est.)
Main Industries Crude Oil Production and Refining, Natural and Liquefied Natural Gas (Lng) Production; Construction, Cement, Copper, Steel, Chemicals, Optic Fiber
Exports - Commodities Petroleum, Reexports, Fish, Metals, Textiles
Imports - Commodities Machinery and Transport Equipment, Manufactured Goods, Food, Livestock, Lubricants
Exports Partners China 31.7%, South Korea 17%, UAE 11.7%, Japan 11%, Thailand 7.1% (2008)
Imports Partners UAE 27.2%, Japan 15.6%, US 5.7%, China 4.6%, India 4.5%, South Korea 4.2%, Germany 4.2% (2008)

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