The introduction of excise and VAT taxes has been delayed to 2020 or beyond. The economy likely recovered in Q3, after Covid-19 restrictions weighed on activity in Q2. The deficit hit a peak of RO 3 billion in 2016. Oman gdp for 2017 was $70.60B, a 7.82% increase from 2016. And for the first time, the public debt has now reached more than 60 per cent of the GDP. Publish your articles and forecasts in our website. Though Oman GDP per capita based on PPP fluctuated substantially in recent years, it tended to increase through 2000 - 2019 period ending at 47,366 international dollars in 2019. All rights reserved. In terms of the budget, while progress was made in 2018, with the deficit dropping from 14% of GDP to 9%, according to Fitch, the agency predicts the figure to widen to 10% in 2019, before falling again to 7% by 2020. April 10, 2020. For 2019, GDP forecasts of Oman (4.2 percent), Kuwait (3.8 percent) and Bahrain (2.3 percent) were raised, while the GDP growth for the UAE was brought down by 10 bps to 3.0 percent. 10Y. The Gross Domestic Product (GDP) in Oman contracted 0.80 percent in 2019 from the previous year. Direct access to our calendar releases and historical data. For 2019, GDP forecasts of Oman (4.2 percent), Kuwait (3.8 percent) and Bahrain (2.3 percent) were raised, while the GDP growth for the UAE was brought down by 10 bps to 3.0 percent. Annual real GDP growth averaged just +0.9% in 2017-2019, well below the average of +4.8% in the 10 years prior to that. Moreover, the public debt, which constituted 5 per cent of the GDP in 2014, increased to more than RO 17 billion in 2019. GDP From Mining in Oman decreased to 125.50 OMR Million in 2019 from 171 OMR Million in 2018. source: National Centre for Statistic & Information, Oman. See all. 2019: 6,823,990,902: 7,095,398,603: OMR: Annual: Private Consumption 2019: 11,906,300,051: 11,387,048,265: OMR: Annual ... or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. Data source is International Monetary Fund World Economic Outlook (October-2018). Distribution of gross domestic product (GDP) across economic sectors Oman 2019. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. GDP Growth Rate in 2017 was -0.27%, representing a change of -693,888,166 US$ over 2016, when Real GDP was $74,768,270,221. Oman's acute fiscal crisis means that it will use initiatives such as privatisation and new taxes to increase revenue. Within services the largest segments are: wholesale and retail trade (8 percent of GDP); public administration and defense (7 percent) and transport, storage and communication (6.8 percent). GDP (nominal) of United States has increased by $859 billion in 2019 followed by China with $772 billion. Oman GDP and Economic Data; Oman GDP and Economic Data. 1960-2019 Data | 2020-2022 Forecast | Historical | Chart | News. In 2019, GDP per capita based on PPP for Oman was 47,366 international dollars. Youth unemployment rate in Oman in 2020. Oman gdp growth rate for 2017 was 0.35%, a 4.61% decline from 2016. New Sultan Faces Early Test . Nominal (current) Gross Domestic Product (GDP) of Oman is $70,783,875,163 (USD) as of 2017. This compares with a nominal GDP growth of 12.3 per cent in 2018. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. 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