Oman’s Vision 2020 Objectives

The Omani ecomony has been on a steady transformation course through development plans, beginning with the first 5-year plan (1976-1980). On instructions from His Majesty Sultan Qaboos Bin Said, Vision 2020, a plan for Oman’s economic future up to the year 2020 was created. Vision 2020 details the Sultanate’s economic and social goals, these include:

  • Economic and financial stability.
  • Reshaping the role of government in the economy and broadening private sector participation.
  • Diversifying the economic base and sources of national income.
  • Globalization of the Omani ecomony.
  • Upgrading the skills of the Omani workforce and developing human resources.

Development Agenda - Investing in the Future

Building a strong infrastructure base is a key driver in the government’s plans to diversify the economy and create growth and investment opportunities in key sectors. It allocated nearly
US$20bn between 2011 - 2015
to develop the transport infrastructure to strengthen trade, logistics and tourism sectors in order to promote growth and facilitate foreign investment.

Current Situation

Oman’s GDP growth rate has been trending higher than that of the MENA and world average. GDP growth rate for 2014 -19 is forecast to be around 4%.

Key Macroeconomic Indicators
GDP 2015 US$81.7bn
GDP Growth Forecast 2014-18 2.5%
Population January 2016 4.33m
Population Growth Forecast 2014-18* 5.6%
Inflation Growth 2009-14 3.6%
Government Revenue 2015 US$19.2bn
Government Expenditure 2015 US$25.3bn

GDP 2015

Gross Domestic Product (GDP) by Kind of Economic Activity at Current Prices - 2017

The sum of the contribution of oil and non-oil activities of GDP does not equal 100 because of the contribution of financial intermediation services indirectly measured and taxes less subsidies on Products

2020 Target GDP Contribution by Sector

Total Foreign Investment by Industry (Relative Share %)

Created with Highcharts 4.2.3 2015 Exploration Gas and Oil: 44.3 %Intermediation Financial: 17.7 %Manufacturing: 16.4 %Communication & Storage - Transport: 3.8 %Activities Business and Renting - estate Real: 7.9 %Trade: 4.0 %Construction: 1.8 %Water and Electricity: 1.0 %Restaurants and Hotels: 2.4 %Other: 0.8 %

FDI by country of origin (Relative Share %)