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%.
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.
Oman GDP from 1980 to 2024
The total market value of goods and services produced annually in Oman.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 7B 269M | $ 5,357.78 | $ 9,938.78 | $ 13B 485M | 6.079 % | 15.352 % | 26.65 % | 0 % | 1M 357K people |
1981 | $ 8B 849M | $ 6,019.90 | $ 11,759.13 | $ 17B 284M | 17.096 % | 15.562 % | 29.49 % | 0 % | 1M 470K people |
1982 | $ 9B 285M | $ 6,317.03 | $ 13,921.73 | $ 20B 463M | 11.501 % | 5.417 % | 21.51 % | 0 % | 1M 470K people |
1983 | $ 9B 733M | $ 6,148.45 | $ 15,575.83 | $ 24B 656M | 15.947 % | 5.199 % | 24.83 % | 0 % | 1M 583K people |
1984 | $ 10B 726M | $ 6,324.40 | $ 17,156.37 | $ 29B 97M | 13.904 % | 2.974 % | 22.72 % | 0 % | 1M 696K people |
1985 | $ 11B 916M | $ 7,025.70 | $ 20,269.38 | $ 34B 377M | 14.523 % | 0.05 % | 22.82 % | 0 % | 1M 696K people |
1986 | $ 9B 433M | $ 5,214.19 | $ 19,800.85 | $ 35B 821M | 2.145 % | -10.887 % | 12.12 % | 0 % | 1M 809K people |
1987 | $ 9B 890M | $ 5,145.49 | $ 18,335.48 | $ 35B 243M | -3.992 % | 7.988 % | 22.21 % | 0 % | 1M 922K people |
1988 | $ 9B 613M | $ 5,001.10 | $ 19,977.73 | $ 38B 400M | 5.245 % | -3.194 % | 9.62 % | 0 % | 1M 922K people |
1989 | $ 10B 743M | $ 5,278.57 | $ 20,192.72 | $ 41B 96M | 2.983 % | 3.251 % | 15.38 % | 0 % | 2M 35K people |
1990 | $ 13B 395M | $ 7,267.92 | $ 25,071.25 | $ 46B 206M | 8.378 % | 8.206 % | 23.11 % | 4.357 % | 1M 843K people |
1991 | $ 13B | $ 6,806.24 | $ 26,520.63 | $ 50B 656M | 6.044 % | -1.513 % | 14.61 % | -0.836 % | 1M 910K people |
1992 | $ 14B 274M | $ 7,213.06 | $ 28,405.49 | $ 56B 210M | 8.492 % | -3.908 % | 13.70 % | -5.036 % | 1M 979K people |
1993 | $ 14B 321M | $ 6,995.28 | $ 29,834.39 | $ 61B 78M | 6.144 % | -9.615 % | 9.91 % | -7.187 % | 2M 47K people |
1994 | $ 14B 808M | $ 7,010.60 | $ 30,669.30 | $ 64B 781M | 3.845 % | -5.082 % | 11.73 % | -7.541 % | 2M 112K people |
1995 | $ 15B 821M | $ 7,284.85 | $ 31,924.61 | $ 69B 335M | 4.831 % | -5.17 % | 10.93 % | -3.543 % | 2M 172K people |
1996 | $ 17B 512M | $ 7,869.08 | $ 32,643.11 | $ 72B 644M | 2.889 % | 1.174 % | 16.74 % | 2.552 % | 2M 225K people |
1997 | $ 18B 154M | $ 7,983.97 | $ 34,506.78 | $ 78B 461M | 6.178 % | -1.076 % | 18 % | 5.098 % | 2M 274K people |
1998 | $ 16B 44M | $ 6,920.86 | $ 35,151.32 | $ 81B 489M | 2.704 % | -19.45 % | 18.50 % | -4.322 % | 2M 318K people |
1999 | $ 17B 833M | $ 7,554.52 | $ 35,114.25 | $ 82B 888M | 0.298 % | -2.583 % | 25.06 % | 0.8 % | 2M 361K people |
