Trade by country - Oman

Oman has enjoyed a period of unprecedented economic progress over the last 40 years. This "boom" coincides with the reign of the current Sultan Qaboos bin Said al-Said, who came to power in 1970, and has been largely supported by the revenues of the oil sector (production and exports). In 2012, the oil sector accounted for almost 50% of GDP.

However, the high dependence on black gold makes the country vulnerable to shocks to the stock price of a barrel of crude oil. In response, the Sultanate launched Vision 2020 back in 1995, a long-term strategy built around three key components: "economic diversification, omanisation and privatisation". The key elements of this policy were subsequently developed and implemented through various five-year policy programmes, the most recent of which covers the period 2011-2015.

For the period 2013-2017, the Economist Intelligence Unit forecasts an average annual growth rate of 4.6%, 70% of which will be driven by growth in non-oil sectors, according to data from the Central Bank of Oman.

On the occasion of the joint Belgian economic mission to Oman (14-21 March 2014), the Belgian Foreign Trade Agency has published an economic study. The first chapter is devoted to Oman's macroeconomic situation, while the second contains an analysis of three dynamic sectors in which trade opportunities abound: infrastructure & logistics, energy & environment and the banking sector. This is followed by a selection of recent success stories of Belgian companies in Oman.

Document only available in French and Dutch.