The Gross Domestic Product (GDP) in Oman contracted 6.30 percent in the fourth quarter of 2020 over the same quarter of the previous year. source: National Center for Statistics & Information - Oman

GDP Annual Growth Rate in Oman averaged 2.70 percent from 1999 until 2020, reaching an all time high of 9.10 percent in 2012 and a record low of -6.30 percent in 2020. This page provides the latest reported value for - Oman GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Oman GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2021.

GDP Annual Growth Rate in Oman is expected to reach 3.00 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Oman GDP Annual Growth Rate is projected to trend around 6.00 percent in 2022 and 4.00 percent in 2023, according to our econometric models.

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Oman GDP Annual Growth Rate


Oman Last Unit Reference Previous Highest Lowest
GDP Annual Growth Rate -6.30 percent Dec/20 -0.80 9.10 -6.30


Oman GDP Annual Growth Rate
Oman's economy relies heavily on oil production. The petroleum sector accounts for around 87 percent of budget revenues, 51 percent of GDP and 60 percent of total exports. However, as oil reserved have been shrinking in recent years the government has embarked on a process of economic diversification focused on development of tourism and gas based industries.