It has an extensive coastline and total land mas of 309,500 sq kms . The Sultanate of Oman is led by its Head of State His Majesty Haithem Bin Tariq Al Said . The Sultan rules by Decree, assisted by the Council of Ministers. There is no national legislature, but the Council of Oman debates policy and was given some legislative powers in 2011. It comprises the Majils Al Shura (Consultative Council) and the Majils Al Dalwa (State Council) .
The economy continues to be dominated by the production and export of Hydrocarbons with the country producing about 1m barrels per day . The currency is the Omani Riyal pegged to the US Dollar . Following the introduction of Excise Duty on Tobacco , Carbonated Soft Drinks and Liquor in June 2019 , a sugar tax in October 2020 VAT was introduced at 5% in April 2021. The Government is increasing its revenue from taxation as it continues its efforts to reduce its Debt .
Oman has signed a Free Trade Agreement with the USA and is seeking to diversify its economy through the 5 key pillars of Tourism , Mining , Logistics , Fisheries and Manufacturing . With its continuing focus on creating jobs for Omani nationals the population has ben falling in recent years with repatriation of expats.
USD 80 billion (2019)
GDP per capita
4.5% (2010 Vs 2009)
Muscat Wholesale Index = 4.1%
Diversification from hydrocarbons, Sohar Industrial Port (gas utilisation), tourism, Omanisation/education.
c. 780,000 barrels per day
Consumer Inflation 1% pa
Petroleum, copper, asbestos, marble, limestone, chromium, gypsum, natural gas.
Dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish.
Crude oil production and refining, natural and liquefied natural gas, construction, cement, copper, steel, chemicals, optic fiber.