Ludwig von Mises Institute

Oman

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Country summary

Capital

Muscat

Borders

Saudi Arabia 676 km, UAE 410 km, Yemen 288 km

Government type

monarchy

Population

3,418,085[1]

Population growth

3.138% (2010 est.)[1]

Life expectancy

74.16 years[1]

Unemployment

15% (2004 est.)[1]

Index of Economic Freedom

43[2]

Corruption Perceptions Index

39[3]

Doing Business ranking

65[4]


The inhabitants of the area of Oman have long prospered on Indian Ocean trade. In the late 18th century, a newly established sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, but it never became a British colony. In 1970, QABOOS bin Said Al-Said overthrew the restrictive rule of his father; he has ruled as sultan ever since. His extensive modernization program has opened the country to the outside world while preserving the longstanding close ties with the UK. Oman's moderate, independent foreign policy has sought to maintain good relations with all Middle Eastern countries.[1]

Economical characteristics[edit]

  • Currency: Rial (ISO code: OMR)
  • Central bank discount rate: 0.91% (31 December 2008)[1]
  • Commercial banks lending rate: 7.1% (31 December 2008)[1]
  • Stock of money (M1): $5.25 billion (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $14.57 billion (31 December 2008)[1]


Statistics[edit]

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[5] 15 710 19 868 19 949 20 049 21 542 24 674 30 905 36 804 41 638
Govt. debt (% of GDP)[6] 26.678 19.071 19.867
Govt. revenue (% of GDP)[7] 23.086 23.910 26.994
Govt. expenses (% of GDP)[8] 28.380 26.187 26.927
Debt to revenue (years) 1.156 0.798 0.736

References[edit]

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 CIA - The World Factbook. "Oman", from The World Factbook. Referenced 2010-09-30.
  2. ↑ Heritage Foundation. "Oman", Economic Freedom Score. A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  3. ↑ Transparency International. "Oman", Corruption Perceptions Index 2009. A lower ranking is better; but please note that the numbers cannot be compared between countries or years due to different methodology. Referenced 2010-09-30.
  4. ↑ Doing Business. "Oman", Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  5. ↑ World Bank. "Oman: GDP", from World Bank Data. Referenced 2010-09-30.
  6. ↑ World Bank. "Oman: government debt", from World Bank Data. Referenced 2010-09-30.
  7. ↑ World Bank. "Oman: government revenue", from World Bank Data. Referenced 2010-09-30.
  8. ↑ World Bank. "Oman: government expenses", from World Bank Data. Referenced 2010-09-30.

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