Oman: Economic Snapshot 2019

Following the global oil price drop in 2014, Oman, like many other GCC states, has been pursuing long-term national development plans that seek to diversify the economy. For now, however, income from oil and gas sales accounts for around 70% of total revenue. As such, firming oil prices since 2017 have led to an improved fiscal scenario, and the 2018 budget anticipated that oil and gas revenue would increase by 9%. Oman’s efforts to expand non-oil activity will continue into 2019 through the Tanfeedh initiative and new policies, such as those developing the framework for public-private partnerships, and the enactment of new foreign investment and bankruptcy legislation. The IMF anticipates that the sultanate’s GDP growth will accelerate from 1.9% in 2018 to 5% in 2019.