Oman's GDP changed from approximately $7B 269M in 1980 to $108B 927M in 2024, showing an overall 1398.5% sharply increased during the period.
The lowest GDP was recorded in 1980 at $7B 269M, and the highest in 2022 at $114B 667M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 6.3%.
For comparison, the average annual growth rate of Saudi Arabia was 4.4%, and that of United Arab Emirates was 5.9%.
Oman GDP from 1980 to 2024
The total market value of goods and services produced annually in Oman.
Overview of Oman's GDP (1980–2024)
The Gross Domestic Product (GDP) of Oman recorded a 1398.5% sharply increased from 1980 to 2024.
The average GDP during this period was $43B 300M, and the median was $23B 66M.
GDP fluctuated within a range of $107B 398M, with a standard deviation of $35B 304M.
The average annual change was $2B 503M.
Highest and Lowest GDP Records
- Lowest GDP: 1980, $7B 269M
- Highest GDP: 2022, $114B 667M
- Most Recent GDP: 2024, $108B 927M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2009: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Oman's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $88B 61M → $75B 909M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $48B 300M → $55B 454M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $22B 259M → $22B 206M
- Outcome: remained stable
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $18B 154M → $16B 44M
- Outcome: sharply declined
Key Economic Indicators of Oman (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 6.079 % | $ 7B 269M | $ 13B 485M | $ 5,357.78 | $ 9,938.78 | 26.65 % | 1M 357K people | 15.352 % | 0 % |
1981 | 17.096 % | $ 8B 849M | $ 17B 284M | $ 6,019.90 | $ 11,759.13 | 29.49 % | 1M 470K people | 15.562 % | 0 % |
1982 | 11.501 % | $ 9B 285M | $ 20B 463M | $ 6,317.03 | $ 13,921.73 | 21.51 % | 1M 470K people | 5.417 % | 0 % |
1983 | 15.947 % | $ 9B 733M | $ 24B 656M | $ 6,148.45 | $ 15,575.83 | 24.83 % | 1M 583K people | 5.199 % | 0 % |
1984 | 13.904 % | $ 10B 726M | $ 29B 97M | $ 6,324.40 | $ 17,156.37 | 22.72 % | 1M 696K people | 2.974 % | 0 % |
1985 | 14.523 % | $ 11B 916M | $ 34B 377M | $ 7,025.70 | $ 20,269.38 | 22.82 % | 1M 696K people | 0.05 % | 0 % |
1986 | 2.145 % | $ 9B 433M | $ 35B 821M | $ 5,214.19 | $ 19,800.85 | 12.12 % | 1M 809K people | -10.887 % | 0 % |
1987 | -3.992 % | $ 9B 890M | $ 35B 243M | $ 5,145.49 | $ 18,335.48 | 22.21 % | 1M 922K people | 7.988 % | 0 % |
1988 | 5.245 % | $ 9B 613M | $ 38B 400M | $ 5,001.10 | $ 19,977.73 | 9.62 % | 1M 922K people | -3.194 % | 0 % |
1989 | 2.983 % | $ 10B 743M | $ 41B 96M | $ 5,278.57 | $ 20,192.72 | 15.38 % | 2M 35K people | 3.251 % | 0 % |
1990 | 8.378 % | $ 13B 395M | $ 46B 206M | $ 7,267.92 | $ 25,071.25 | 23.11 % | 1M 843K people | 8.206 % | 4.357 % |
1991 | 6.044 % | $ 13B | $ 50B 656M | $ 6,806.24 | $ 26,520.63 | 14.61 % | 1M 910K people | -1.513 % | -0.836 % |
1992 | 8.492 % | $ 14B 274M | $ 56B 210M | $ 7,213.06 | $ 28,405.49 | 13.70 % | 1M 979K people | -3.908 % | -5.036 % |
1993 | 6.144 % | $ 14B 321M | $ 61B 78M | $ 6,995.28 | $ 29,834.39 | 9.91 % | 2M 47K people | -9.615 % | -7.187 % |
1994 | 3.845 % | $ 14B 808M | $ 64B 781M | $ 7,010.60 | $ 30,669.30 | 11.73 % | 2M 112K people | -5.082 % | -7.541 % |
1995 | 4.831 % | $ 15B 821M | $ 69B 335M | $ 7,284.85 | $ 31,924.61 | 10.93 % | 2M 172K people | -5.17 % | -3.543 % |
1996 | 2.889 % | $ 17B 512M | $ 72B 644M | $ 7,869.08 | $ 32,643.11 | 16.74 % | 2M 225K people | 1.174 % | 2.552 % |
1997 | 6.178 % | $ 18B 154M | $ 78B 461M | $ 7,983.97 | $ 34,506.78 | 18 % | 2M 274K people | -1.076 % | 5.098 % |
1998 | 2.704 % | $ 16B 44M | $ 81B 489M | $ 6,920.86 | $ 35,151.32 | 18.50 % | 2M 318K people | -19.45 % | -4.322 % |
1999 | 0.298 % | $ 17B 833M | $ 82B 888M | $ 7,554.52 | $ 35,114.25 | 25.06 % | 2M 361K people | -2.583 % | 0.8 % |