ce is closely tied to the fortunes of the
oil industry, including trends in international oil prices and the
ability of OPEC producers to agree on output quotas. Petroleum
accounts for more than 85% of export earnings, about 80% of government
revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4
billion barrels, equivalent to about 20 years' supply at the current
rate of extraction. Agriculture is carried on at a subsistence level
and the general population depends on imported food. The government is
encouraging private investment, both domestic and foreign, as a prime
force for further economic development.

National product: GDP - purchasing power parity - $17 billion (1994
est.)

National product real growth rate: 0.5% (1994 est.)

National product per capita: $10,020 (1994 est.)

Inflation rate (consumer prices): 1.2% (1994 est.)

Unemployment rate: NA%

Budget:
revenues: $4.4 billion
expenditures: $5.2 billion, including capital expenditures of $1
billion (1994 est.)

Exports: $4.8 billion (f.o.b., 1994 est.)
commodities: petroleum 87%, re-exports, fish, processed copper,
textiles
partners: UAE 33%, Japan 20%, South Korea 14%, China 7% (1993)

Imports: $4.1 billion (c.i.f., 1994 est.)
commodities: machinery, transportation equipment, manufactured goods,
food, livestock, lubricants
partners: UAE 24% (largely re-exports), Japan 21%, UK 12%, US 7%,
France 6% (1993)

External debt: $3 billion (1993)

Industrial production: growth rate 8.6% (1991); accounts for almost
60% of GDP, including petroleum

Electricity:
capacity: 1,540,000 kW
production: 6 billion kWh
consumption per capita: 3,407 kWh (1993)

Industries: crude oil production and refining, natural gas production,
construction, cement, copper

Agriculture: accounts for 4% of GDP and 40% of the labor force
(including fishing); less than 2% of land cultivated; largely
subsistence farming (dates, limes, bananas, alfalfa, vegetables,
camels, cattle); not self-sufficient in food; annual fish catch
averages 100,000 metric tons

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $137 million;
Western (non-US) countries, ODA and OOF bilateral commitments
(1970-89), $148 million; OPEC bilateral aid (1979-89), $797 million

Currency: 1 Omani rial (RO) = 1,000 baiza

Exchange rates: Omani rials (RO) per US$1 - 0.3845 (fixed rate since
1986)

Fiscal year: calendar