Statistics
• GDP: US$27.3 billion (2006).
• Main imports: Machinery, transport equipment, manufactured goods, food and livestock.
• Main exports: Petroleum, liquiefied natural gas, fish, metals and textiles.
• Main trade partners: China (PR), United Arab Emirates, Japan, Korea (Rep) and Thailand.
Economy
Natural gas accounts for nearly 80% of Oman’s revenue while agriculture, including dates, limes and alfalfa and some livestock, accounts for most of the rest. There are mineral deposits of copper, chromite, marble, gypsum and limestone, manganese ore and coal. Revenues are used to develop the country’s infrastructure and to boost home industries such as tourism and construction, as outlined in the Vision 2020 economic development programme.
For the past decade, major parts of the economy have been privatised and foreign investment is being actively encouraged. The economy has grown by an impressive 38% over the past two years but with inflation increasing to 4.8%. ’Omanisation’ (the employment of indigenous as opposed to expatriate workers) is gaining momentum but unemployment among young Omanis remains high (15% according to the last official Omani census in 2003).
Oman is a member of various pan-Arab political and economic organisations - but not OPEC.
Business Etiquette
Men should wear suits and ties for business and formal occasions. English is usually spoken in business circles, but a few words or phrases of Arabic will be useful and welcome. Appointments are essential and punctuality is gradually becoming more important in business circles. Business cards are widely used.
