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Economy of Georgia vs Oman compared: GDP & Debt

Updated on by Georank team

Georgia has a GDP of $34.2B compared to $107B for Oman, ranking 107/197 and 70/197 by economy size, respectively.

Georgia has $12.3B in government debt (36.1% of GDP), compared to $38B (35.5% of GDP) in Oman.

Georgia vs Oman GDP by year

Georgia
Oman
1x
Year GDP, current $
Georgia Oman
2024 $34,189,423,545 $107,137,198,769
2023 $30,777,833,601 $106,174,708,037
2022 $24,984,568,960 $109,852,795,839
2021 $18,853,115,589 $87,323,797,139
2020 $16,010,869,216 $75,909,492,848
2019 $17,638,337,117 $88,060,858,257
2018 $17,902,544,881 $91,505,851,756
2017 $16,473,125,375 $80,856,697,009
2016 $15,444,548,902 $75,128,738,622
2015 $15,223,796,149 $78,710,793,238
2014 $17,966,015,109 $92,699,089,727
2013 $17,517,660,144 $89,936,020,806
2012 $16,894,392,033 $87,408,842,653
2011 $15,475,290,469 $77,497,529,259
2010 $12,426,907,967 $64,993,498,049
2009 $10,766,920,066 $55,454,096,229
2008 $12,795,145,131 $69,804,681,404
2007 $10,172,931,089 $48,300,390,117
2006 $7,745,250,734 $42,577,633,290
2005 $6,410,912,050 $35,506,892,068
2004 $5,125,365,192 $28,378,933,680
2003 $3,991,377,904 $24,733,680,104
2002 $3,395,766,678 $23,065,539,662
2001 $3,219,462,262 $22,205,721,717
2000 $3,057,475,335 $22,259,557,867
1999 $2,800,025,883 $17,832,769,831
1998 $3,613,497,317 $16,044,213,264
1997 $3,510,520,231 $18,039,791,938
1996 $3,094,936,177 $17,402,080,624
1995 $2,693,732,612 $15,722,236,671
1994 $2,513,867,645 $14,715,214,564
1993 $2,701,181,331 $14,230,429,129
1992 $3,690,328,964 $14,183,615,085
1991 $6,324,503,311 $12,918,335,501
1990 $7,735,927,264 $13,310,273,082
1989 $8,902,632,715 $9,372,171,651
1988 $8,833,588,173 $8,386,215,865
1987 $7,321,981,334 $7,811,183,095
1986 - $7,324,167,369
1985 - $10,005,645,420
1984 - $8,821,443,151
1983 - $7,932,541,691
1982 - $7,554,719,456
1981 - $7,259,120,151
1980 - $5,981,760,278
1979 - $3,733,352,635
1978 - $2,740,301,390
1977 - $2,741,169,948
1976 - $2,560,220,035
1975 - $2,096,699,189
1974 - $1,645,917,776
1973 - $483,066,991
1972 - $366,883,548
1971 - $301,010,587
1970 - $256,319,795
1969 - $239,999,808
1968 - $188,879,849
1967 - $107,151,832
1966 - $67,759,973
1965 - $63,279,975
1964 - $61,872,526
1963 - $59,912,763
1962 - $56,273,202
1961 - $45,634,487
1960 - $44,234,656

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/georgia/oman | CC BY

GDP per capita in Georgia vs Oman by year

Georgia
GDP per capita

GDP per capita, PPP
Oman
GDP per capita

GDP per capita, PPP
1x
Year Current $
Georgia Oman
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $9,241 $28,285 $20,285 $41,740
2023 $8,284 $25,072 $21,028 $41,945
2022 $6,730 $22,461 $23,224 $42,616
2021 $5,084 $18,916 $19,403 $38,719
2020 $4,301 $16,791 $16,785 $35,163
2019 $4,741 $16,770 $19,180 $37,251
2018 $4,804 $15,022 $19,902 $37,780
2017 $4,419 $13,719 $17,820 $33,619
2016 $4,143 $13,065 $17,110 $33,334
2015 $4,087 $12,270 $18,808 $36,058
2014 $4,830 $11,771 $23,161 $44,236
2013 $4,712 $10,797 $23,458 $47,013
2012 $4,531 $10,060 $24,642 $49,989
2011 $4,120 $8,564 $25,188 $52,393
2010 $3,282 $7,712 $23,570 $55,667
2009 $2,823 $7,119 $20,656 $55,127
2008 $3,325 $7,279 $26,577 $52,841
2007 $2,635 $6,951 $18,793 $48,627
2006 $1,996 $5,980 $16,931 $46,091
2005 $1,643 $5,272 $14,435 $43,673
2004 $1,305 $4,635 $11,801 $42,142
2003 $1,010 $4,240 $10,464 $40,935
2002 $854 $3,719 $9,869 $41,511
2001 $802 $3,441 $9,612 $41,679
2000 $750 $3,161 $9,754 $39,443
1999 $674 $2,977 $7,915 $36,792
1998 $852 $2,795 $7,219 $36,666
1997 $807 $2,616 $8,235 $36,809
1996 $689 $2,253 $8,068 $34,661
1995 $578 $1,919 $7,414 $33,598
1994 $520 $1,764 $7,068 $31,925
1993 $550 $1,898 $7,039 $30,987
1992 $757 $2,643 $7,318 $29,773
1991 $1,308 $4,727 $6,977 $28,109
1990 $1,611 $5,836 $7,546 $26,904
1989 $1,853 - $5,591 -
1988 $1,844 - $5,279 -
1987 $1,544 - $5,204 -
1986 - - $5,182 -
1985 - - $7,549 -
1984 - - $7,070 -
1983 - - $6,714 -
1982 - - $6,759 -
1981 - - $6,866 -
1980 - - $5,974 -
1979 - - $3,934 -
1978 - - $3,044 -
1977 - - $3,205 -
1976 - - $3,143 -
1975 - - $2,692 -
1974 - - $2,203 -
1973 - - $670 -
1972 - - $524 -
1971 - - $442 -
1970 - - $387 -
1969 - - $372 -
1968 - - $300 -
1967 - - $174.7 -
1966 - - $113.2 -
1965 - - $108.1 -
1964 - - $108.1 -
1963 - - $106.8 -
1962 - - $102.3 -
1961 - - $84.5 -
1960 - - $83.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/georgia/oman | CC BY

Georgia's GDP per capita is $9,241, ranking 89/197, compared to $20,285 in Oman, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Georgia ranks 74th at $28,285, while Oman ranks 55th at $41,740.

Economic indicators

Georgia Oman
Gross domestic product
$34.2B
2024
$107B
2024
GDP rank
107/197
2024
70/197
2024
GDP growth
9.68%
2023-2024
1.63%
2023-2024
GDP per capita
$9,241
2024
$20,285
2024
GDP per capita rank
89/197
2024
57/197
2024
GDP per capita, PPP
$28,285
2024
$41,740
2024
GDP per capita PPP rank
74/197
2024
55/197
2024
Government debt
$12.3B
2024
$38B
2024
Debt-to-GDP ratio
36.1%
2024
35.5%
2024
Government debt per person
$3,336
2024
$7,204
2024
Government debt per person rank
96/185
2024
67/185
2024
Average annual personal income after taxes
$6,891
2026
$20,894
2026
Market capitalization of domestic companies n/a
$22.3B
2022
Number of billionaires
2
2025
2
2025
Income share by richest 10%
26.2%
2024
n/a
Income share by poorest 10%
2.9%
2024
n/a
Government expenditure, % of GDP
30.3%
2024
28.7%
2024
Consumer prices inflation
1.11%
2023-2024
0.6%
2023-2024
Central bank interest rate
8%
2024
4.5%
2025
Unemployment rate
8.01%
2024
3.3%
2024
Population
3697615
5761708

Spending and national debt comparison by year

Georgia
Spending

Debt
Oman
Spending

Debt
1x
Year % of GDP
Georgia Oman
Government spending Government debt Government spending Government debt
2024 30.3% 36.1% 28.7% 35.5%
2023 29.7% 38.9% 27.5% 37.5%
2022 28.5% 39.2% 30.9% 41.7%
2021 31.2% 49.1% 36.5% 61.9%
2020 34.1% 59.6% 44.5% 67.9%
2019 28.7% 40% 38.8% 52.5%
2018 26.7% 38.2% 38.3% 44.7%
2017 27.2% 38.9% 39.4% 40.1%
2016 27.8% 39.5% 44.6% 29.3%
2015 27% 36% 44.5% 13.9%
2014 27.5% 30.3% 41.4% 4.04%
2013 26.6% 28.9% 39.3% 4.66%
2012 27.7% 28.1% 38.6% 4.59%
2011 27.1% 27.7% 34.5% 4.44%
2010 31% 31.4% 30.6% 5.46%
2009 34.8% 33.6% 33.4% 5.8%
2008 31.8% 26.3% 25.6% 3.2%
2007 27.7% 22.5% 30.7% 4.44%
2006 22.7% 28.3% 30.1% 7.56%
2005 21.6% 35.3% 30.6% 8.39%
2004 18.9% 44.3% 34.1% 14.5%
2003 16.1% 54.6% 34% 13%
2002 16% 50.3% 34.1% 15.9%
2001 16.8% 53% 33.3% 22.5%
2000 16.9% 58.5% 31.2% 21.7%
1999 19.8% 76.5% 34.2% 28.9%
1998 18.9% 80% 36.1% 30.9%
1997 21.9% 48.2% 32.1% 20.8%
1996 18.4% 38.9% 33.5% 21.2%
1995 15.6% 19.8% 38.2% 21.9%
1994 - - 39.7% 23.6%
1993 - - 40.1% 22.2%
1992 - - 40.1% 23.1%
1991 - - 37.4% 22.6%
1990 - - 36.5% 17.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-02-20).

GeoRank.org/economy/georgia/oman | CC BY

In 2024, Georgia's government spending was $10.3B, accounting for 30.3% of its GDP, while Oman spent $30.7B, or 28.7% of GDP.

Debt-to-GDP ratio is 36.1% in Georgia and 35.5% in Oman, ranking 144/185 and 145/185, respectively.

Government deficit by year

Deficit/surplus
Georgia

Oman
1x
Year Deficit/surplus, % of GDP
Georgia Oman
2024 -2.3% 3.31%
2023 -2.33% 6.87%
2022 -2.2% 10.5%
2021 -5.97% -3.17%
2020 -9.16% -15.7%
2019 -1.82% -4.83%
2018 -0.8% -6.72%
2017 -0.45% -10.5%
2016 -1.49% -19.6%
2015 -1.16% -13.5%
2014 -1.78% -1.58%
2013 -1.25% 2.78%
2012 -0.71% 4.07%
2011 -0.81% 8.24%
2010 -4.48% 4.95%
2009 -6.36% -0.27%
2008 -1.92% 14.7%
2007 0.81% 10.5%
2006 3.28% 12.2%
2005 2.14% 11.2%
2004 3.59% 5.43%
2003 -0.55% 5.92%
2002 -0.19% 5.31%
2001 -0.71% 7.55%
2000 -1.92% 12.2%
1999 -4.72% 0.3%
1998 -4% -4.37%
1997 -6.79% 4.77%
1996 -5.91% 2.22%
1995 -4.89% -3.9%
1994 - -7.47%
1993 - -6.84%
1992 - -4.85%
1991 - 0.12%
1990 - 4.78%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/georgia/oman | CC BY

In 2024, Georgia's government deficit, the difference between spending and revenue, was $785M, equivalent to 2.3% of GDP. This compares to Oman's surplus of $3.54B, or 3.31% of GDP.

Over the past 30 years, Georgia recorded a fiscal deficit in 26 of those years, while Oman ran a deficit in 11 years. On average, Georgia posted an annual deficit equal to 2.16% of GDP, compared to surplus of 1.63% of GDP for Oman.

Inflation comparison by year

Inflation
Georgia

Oman
1x
Year Consumer prices inflation
Georgia Oman
2024 1.11% 0.6%
2023 2.49% 1%
2022 11.9% 2.5%
2021 9.57% 1.7%
2020 5.2% -0.4%
2019 4.85% 0.5%
2018 2.62% 0.7%
2017 6.04% 1.5%
2016 2.13% 0.9%
2015 4% 0.1%
2014 3.07% 1.2%
2013 -0.51% 1.3%
2012 -0.94% 2.9%
2011 8.54% 4.1%
2010 7.11% 3.3%
2009 1.73% 3.5%
2008 10% 12.6%
2007 9.24% 5.9%
2006 9.16% 3.2%
2005 8.25% 1.9%
2004 5.66% 0.8%
2003 0.84% 0.2%
2002 5.59% -0.3%
2001 4.65% -0.8%
2000 4.06% -1.2%
1999 19.2% 0.5%
1998 3.57% 0.4%
1997 7.09% -0.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/georgia/oman | CC BY

Over the past 28 years, Georgia has recorded an average annual inflation rate of 5.58%, compared with 1.72% in Oman. In 2024, inflation was 1.11% in Georgia and 0.6% in Oman.

Top exports between countries

Georgia
Export category Export value
Transport & tourism services $2.86M
Machinery & equipment $160K
Textiles & consumer goods $86K
Chemicals & pharma $29K
Animal & marine products $15K
Raw agricultural goods $14K
Processed food, beverages & tobacco $8K
Miscellaneous $3K
Wood & paper products $1K
Oman
Export category Export value
Raw materials & minerals $2.52M
Chemicals & pharma $1.17M
Textiles & consumer goods $279K
Processed food, beverages & tobacco $89K
Machinery & equipment $60K
Miscellaneous $6K

Balance of trade

Georgia Oman
Current account balance
-$1.79B
2024
$3.07B
2024
Current account balance ranking
139/190
2024
39/190
2024
Current account balance, % of GDP
-5.22%
2024
+2.86%
2024
Goods imports
$15.2B
2024
$39.5B
2024
Goods exports
$8.63B
2024
$65.2B
2024
Service imports
$3.81B
2024
$12.8B
2024
Service exports
$7.71B
2024
$5.64B
2024
Imports of goods and services, % of GDP
55.6%
2024
48.8%
2024
Exports of goods and services, % of GDP
47.8%
2024
66.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Georgia Oman
Economic freedom 69.6 68.5
Economic freedom ranking 41/197 45/197
Property rights 53 71.8
Government integrity 59.9 49.4
Judicial effectiveness 53.8 28
Tax burden 87.8 97.6
Government spending 73.9 74.7
Fiscal health 89.1 97.5
Business freedom 76.6 67.8
Labor freedom 64 47.7
Monetary freedom 70.2 79.2
Trade freedom 86.8 78.4
Investment freedom 60 70
Financial freedom 60 60

Economic freedom comparison by year

Georgia
Oman
1x
Year Economic freedom index
Georgia Oman
2026 69.6 68.5
2025 69 65.4
2024 68.4 62.9
2023 68.7 58.5
2022 71.8 56.6
2021 77.2 64.6
2020 77.1 63.6
2019 75.9 61
2018 76.2 61
2017 76 62.1
2016 72.6 67.1
2015 73 66.7
2014 72.6 67.4
2013 72.2 68.1
2012 69.4 67.9
2011 70.4 69.8
2010 70.4 67.7
2009 69.8 67
2008 69.2 67.3
2007 69.3 65.8
2006 64.5 63.7
2005 57.1 66.5
2004 58.9 66.9
2003 58.6 64.6
2002 56.7 64
2001 58.3 67.7
2000 54.3 64.1
1999 52.5 64.9
1998 47.9 64.9
1997 46.5 64.5
1996 44.1 65.4
1995 - 70.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/georgia/oman | CC BY

The Economic Freedom Index for Georgia is 69.6, ranking 41/197, compared to 68.5 for Oman, ranking 45/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Georgia Oman
Services, % of GDP
62%
2024
46%
2024
Industry, % of GDP
19.6%
2024
54.2%
2024
Agriculture, forestry, and fishing, % of GDP
5.49%
2024
2.6%
2024
GNI, Atlas method
$30B
2024
$103B
2024
GNI per capita, PPP
$26,200
2024
$39,340
2024
Total reserves including gold
$4.45B
2024
$18.3B
2024
Total reserves ranking
104/177
2024
64/177
2024
Net foreign direct investment
-$1.14B
2024
-$12.6B
2024
Net inflows of foreign direct investment
$1.6B
2024
$12.5B
2024
Net outflows of foreign direct investment
$462M
2024
-$143M
2024
Servicing debt to the IMF, % of GNI
15.2%
2024
n/a
Poverty at national poverty lines
9.4%
2024
n/a
Gross capital formation, % of GDP
24.5%
2024
24.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/georgia/oman | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.