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Economy of Oman vs Qatar compared: GDP & Debt

Updated on by Georank team

Oman has a GDP of $107B compared to $219B for Qatar, ranking 70/197 and 56/197 by economy size, respectively.

Oman has $38B in government debt (35.5% of GDP), compared to $90.2B (41.2% of GDP) in Qatar.

Oman vs Qatar GDP by year

Oman
Qatar
1x
Year GDP, current $
Oman Qatar
2024 $107,137,198,769 $219,162,637,363
2023 $106,174,708,037 $217,308,516,484
2022 $109,852,795,839 $235,709,340,659
2021 $87,323,797,139 $179,732,142,857
2020 $75,909,492,848 $144,411,538,462
2019 $88,060,858,257 $176,371,428,571
2018 $91,505,851,756 $183,335,164,835
2017 $80,856,697,009 $161,099,175,824
2016 $75,128,738,622 $151,732,142,857
2015 $78,710,793,238 $161,739,835,165
2014 $92,699,089,727 $206,224,725,275
2013 $89,936,020,806 $198,727,747,253
2012 $87,408,842,653 $186,833,516,484
2011 $77,497,529,259 $167,775,274,725
2010 $64,993,498,049 $123,627,197,802
2009 $55,454,096,229 $97,798,351,648
2008 $69,804,681,404 $115,270,054,945
2007 $48,300,390,117 $79,712,087,912
2006 $42,577,633,290 $60,882,142,857
2005 $35,506,892,068 $44,530,494,505
2004 $28,378,933,680 $31,734,065,934
2003 $24,733,680,104 $23,533,791,209
2002 $23,065,539,662 $19,363,736,264
2001 $22,205,721,717 $17,538,461,538
2000 $22,259,557,867 $17,759,890,110
1999 $17,832,769,831 $12,393,131,868
1998 $16,044,213,264 $10,255,495,027
1997 $18,039,791,938 $11,297,802,115
1996 $17,402,080,624 $9,059,340,385
1995 $15,722,236,671 $8,137,911,978
1994 $14,715,214,564 $7,374,450,769
1993 $14,230,429,129 $7,156,593,654
1992 $14,183,615,085 $7,646,153,984
1991 $12,918,335,501 $6,883,516,484
1990 $13,310,273,082 $7,360,439,423
1989 $9,372,171,651 $6,487,912,088
1988 $8,386,215,865 $6,038,187,033
1987 $7,811,183,095 $5,446,428,681
1986 $7,324,167,369 $5,053,021,951
1985 $10,005,645,420 $6,153,296,456
1984 $8,821,443,151 $6,704,395,824
1983 $7,932,541,691 $6,467,582,308
1982 $7,554,719,456 $7,596,703,214
1981 $7,259,120,151 $8,661,263,764
1980 $5,981,760,278 $7,829,165,262
1979 $3,733,352,635 $5,632,962,997
1978 $2,740,301,390 $4,052,000,413
1977 $2,741,169,948 $3,617,564,638
1976 $2,560,220,035 $3,284,273,987
1975 $2,096,699,189 $2,512,773,166
1974 $1,645,917,776 $2,401,403,227
1973 $483,066,991 $793,885,560
1972 $366,883,548 $510,262,500
1971 $301,010,587 $387,703,106
1970 $256,319,795 $301,791,302
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/oman/qatar | CC BY

GDP per capita in Oman vs Qatar by year

Oman
GDP per capita

GDP per capita, PPP
Qatar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Oman Qatar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $20,285 $41,740 $76,689 $126,046
2023 $21,028 $41,945 $81,817 $129,368
2022 $23,224 $42,616 $88,701 $122,921
2021 $19,403 $38,719 $71,752 $116,833
2020 $16,785 $35,163 $51,684 $82,149
2019 $19,180 $37,251 $66,841 $107,503
2018 $19,902 $37,780 $71,040 $110,033
2017 $17,820 $33,619 $63,280 $99,358
2016 $17,110 $33,334 $61,254 $89,935
2015 $18,808 $36,058 $68,985 $102,546
2014 $23,161 $44,236 $95,841 $148,389
2013 $23,458 $47,013 $103,697 $169,203
2012 $24,642 $49,989 $108,470 $180,939
2011 $25,188 $52,393 $103,262 $174,620
2010 $23,570 $55,667 $76,463 $151,646
2009 $20,656 $55,127 $60,786 $125,898
2008 $26,577 $52,841 $80,781 $126,015
2007 $18,793 $48,627 $65,954 $124,056
2006 $16,931 $46,091 $62,582 $127,181
2005 $14,435 $43,673 $53,950 $115,250
2004 $11,801 $42,142 $41,036 $110,958
2003 $10,464 $40,935 $31,602 $94,120
2002 $9,869 $41,511 $27,227 $93,177
2001 $9,612 $41,679 $25,871 $89,805
2000 $9,754 $39,443 $27,535 $88,849
1999 $7,915 $36,792 $20,234 $84,690
1998 $7,219 $36,666 $17,665 $84,486
1997 $8,235 $36,809 $20,523 $79,219
1996 $8,068 $34,661 $17,125 $62,331
1995 $7,414 $33,598 $15,823 $60,321
1994 $7,068 $31,925 $14,765 $59,415
1993 $7,039 $30,987 $14,770 $59,125
1992 $7,318 $29,773 $16,280 $60,387
1991 $6,977 $28,109 $15,133 $54,759
1990 $7,546 $26,904 $16,722 $55,659
1989 $5,591 - $15,243 -
1988 $5,279 - $14,682 -
1987 $5,204 - $13,719 -
1986 $5,182 - $13,213 -
1985 $7,549 - $16,815 -
1984 $7,070 - $19,272 -
1983 $6,714 - $19,616 -
1982 $6,759 - $24,385 -
1981 $6,866 - $29,505 -
1980 $5,974 - $28,375 -
1979 $3,934 - $21,777 -
1978 $3,044 - $16,757 -
1977 $3,205 - $16,058 -
1976 $3,143 - $15,710 -
1975 $2,692 - $13,014 -
1974 $2,203 - $13,540 -
1973 $670 - $4,905 -
1972 $524 - $3,483 -
1971 $442 - $2,952 -
1970 $387 - $2,594 -
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/oman/qatar | CC BY

Oman's GDP per capita is $20,285, ranking 57/197, compared to $76,689 in Qatar, ranking 11/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 55th at $41,740, while Qatar ranks 5th at $126,046.

Economic indicators

Oman Qatar
Gross domestic product
$107B
2024
$219B
2024
GDP rank
70/197
2024
56/197
2024
GDP growth
1.63%
2023-2024
2.36%
2023-2024
GDP per capita
$20,285
2024
$76,689
2024
GDP per capita rank
57/197
2024
11/197
2024
GDP per capita, PPP
$41,740
2024
$126,046
2024
GDP per capita PPP rank
55/197
2024
5/197
2024
Government debt
$38B
2024
$90.2B
2024
Debt-to-GDP ratio
35.5%
2024
41.2%
2024
Government debt per person
$7,204
2024
$31,579
2024
Government debt per person rank
67/185
2024
23/185
2024
Average annual personal income after taxes
$20,894
2026
$35,660
2026
Market capitalization of domestic companies
$22.3B
2022
$170M
2024
Number of millionaires n/a
26,163
2025
Number of billionaires
2
2025
2
2025
Income share by richest 10% n/a
25.8%
2017
Income share by poorest 10% n/a
2.6%
2017
Government expenditure, % of GDP
28.7%
2024
26%
2024
Consumer prices inflation
0.6%
2023-2024
1.27%
2023-2024
Central bank interest rate
4.5%
2025
4.1%
2025
Unemployment rate
3.3%
2024
0.13%
2022
Population
5761708
2999260

Spending and national debt comparison by year

Oman
Spending

Debt
Qatar
Spending

Debt
1x
Year % of GDP
Oman Qatar
Government spending Government debt Government spending Government debt
2024 28.7% 35.5% 26% 41.2%
2023 27.5% 37.5% 27.3% 43.7%
2022 30.9% 41.7% 24.3% 42.6%
2021 36.5% 61.9% 29.4% 58.4%
2020 44.5% 67.9% 34.7% 72.6%
2019 38.8% 52.5% 32.5% 62.1%
2018 38.3% 44.7% 28.9% 52.2%
2017 39.4% 40.1% 34.7% 51.6%
2016 44.6% 29.3% 40.1% 46.7%
2015 44.5% 13.9% 38.6% 35.5%
2014 41.4% 4.04% 32.3% 24.9%
2013 39.3% 4.66% 28.3% 30.9%
2012 38.6% 4.59% 31% 32.1%
2011 34.5% 4.44% 28.5% 33.5%
2010 30.6% 5.46% 32% 30.4%
2009 33.4% 5.8% 36.4% 36%
2008 25.6% 3.2% 23.5% 11.4%
2007 30.7% 4.44% 29.5% 9.37%
2006 30.1% 7.56% 29.5% 13.9%
2005 30.6% 8.39% 29% 19.1%
2004 34.1% 14.5% 29.9% 30.1%
2003 34% 13% 28.5% 38.8%
2002 34.1% 15.9% 31.6% 47.7%
2001 33.3% 22.5% 32.1% 59.2%
2000 31.2% 21.7% 29.8% 51.6%
1999 34.2% 28.9% 42.4% 81.8%
1998 36.1% 30.9% 55.1% 76.6%
1997 32.1% 20.8% 47.6% 54.4%
1996 33.5% 21.2% 55.2% 57.8%
1995 38.2% 21.9% 52.2% 50.2%
1994 39.7% 23.6% 59.8% 54.8%
1993 40.1% 22.2% 62.8% 46.3%
1992 40.1% 23.1% 54.2% 19.9%
1991 37.4% 22.6% 57.5% 21.8%
1990 36.5% 17.8% 50% 12.6%

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

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

In 2024, Oman's government spending was $30.7B, accounting for 28.7% of its GDP, while Qatar spent $56.9B, or 26% of GDP.

Debt-to-GDP ratio is 35.5% in Oman and 41.2% in Qatar, ranking 145/185 and 130/185, respectively.

Government deficit by year

Deficit/surplus
Oman

Qatar
1x
Year Deficit/surplus, % of GDP
Oman Qatar
2024 3.31% 0.69%
2023 6.87% 5.56%
2022 10.5% 10.4%
2021 -3.17% 0.24%
2020 -15.7% -2.13%
2019 -4.83% 1%
2018 -6.72% 2.26%
2017 -10.5% -6.82%
2016 -19.6% -9.2%
2015 -13.5% 18.4%
2014 -1.58% 13.4%
2013 2.78% 19.3%
2012 4.07% 8.55%
2011 8.24% 5.24%
2010 4.95% 4.6%
2009 -0.27% 14.1%
2008 14.7% 9.49%
2007 10.5% 10.3%
2006 12.2% 8.39%
2005 11.2% 9.8%
2004 5.43% 17.7%
2003 5.92% 6.71%
2002 5.31% 7.89%
2001 7.55% 4.48%
2000 12.2% 4.62%
1999 0.3% -4.35%
1998 -4.37% -7%
1997 4.77% -9.4%
1996 2.22% -8.73%
1995 -3.9% -5.78%
1994 -7.47% -11.8%
1993 -6.84% -9.53%
1992 -4.85% -2.74%
1991 0.12% -2.57%
1990 4.78% 3.23%

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

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

In 2024, Oman's government surplus, the difference between spending and revenue, was $3.54B, equivalent to 3.31% of GDP. This compares to Qatar's surplus of $1.52B, or 0.69% of GDP.

Over the past 35 years, Oman recorded a fiscal deficit in 14 of those years, while Qatar ran a deficit in 12 years. On average, Oman posted an annual surplus equal to 0.99% of GDP, compared to surplus of 3.04% of GDP for Qatar.

Inflation comparison by year

Inflation
Oman

Qatar
1x
Year Consumer prices inflation
Oman Qatar
2024 0.6% 1.27%
2023 1% 3.03%
2022 2.5% 5%
2021 1.7% 2.3%
2020 -0.4% -2.54%
2019 0.5% -0.67%
2018 0.7% 0.26%
2017 1.5% 0.39%
2016 0.9% 2.68%
2015 0.1% 1.81%
2014 1.2% 3.35%
2013 1.3% 3.22%
2012 2.9% 2.32%
2011 4.1% 1.14%
2010 3.3% -2.43%
2009 3.5% -4.86%
2008 12.6% 15.1%
2007 5.9% 13.8%
2006 3.2% 11.8%
2005 1.9% 8.81%
2004 0.8% 6.8%
2003 0.2% 2.26%
2002 -0.3% 0.24%
2001 -0.8% 1.47%
2000 -1.2% 1.65%
1999 0.5% 2.18%
1998 0.4% 2.95%
1997 -0.4% 4.83%

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/oman/qatar | CC BY

Over the past 28 years, Oman has recorded an average annual inflation rate of 1.72%, compared with 3.15% in Qatar. In 2024, inflation was 0.6% in Oman and 1.27% in Qatar.

Top exports between countries

Oman
Export category Export value
Raw materials & minerals $314M
Animal & marine products $122M
Machinery & equipment $114M
Chemicals & pharma $71.2M
Processed food, beverages & tobacco $54.7M
Metals $34.2M
Raw agricultural goods $16.7M
Textiles & consumer goods $10.1M
Wood & paper products $4.24M
Precious metals & jewellery $304K
Qatar
Export category Export value
Raw materials & minerals $358M
Chemicals & pharma $187M
Machinery & equipment $41.4M
Metals $26M
Weapons & explosives $10.1M
Wood & paper products $3.08M
Textiles & consumer goods $3M
Animal & marine products $998K
Precious metals & jewellery $705K
Processed food, beverages & tobacco $673K

Balance of trade

Oman Qatar
Current account balance
$3.07B
2024
$37.9B
2024
Current account balance ranking
39/190
2024
16/190
2024
Current account balance, % of GDP
+2.86%
2024
+17.3%
2024
Goods imports
$39.5B
2024
$32.6B
2024
Goods exports
$65.2B
2024
$95B
2024
Service imports
$12.8B
2024
$37.1B
2024
Service exports
$5.64B
2024
$30.2B
2024
Imports of goods and services, % of GDP
48.8%
2024
31.6%
2022
Exports of goods and services, % of GDP
66.1%
2024
68.6%
2022

Economic freedom indices

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

Oman Qatar
Economic freedom 68.5 70.2
Economic freedom ranking 45/197 37/197
Property rights 71.8 66.2
Government integrity 49.4 53.5
Judicial effectiveness 28 41.5
Tax burden 97.6 99.9
Government spending 74.7 79.9
Fiscal health 97.5 96.6
Business freedom 67.8 68
Labor freedom 47.7 58.5
Monetary freedom 79.2 76
Trade freedom 78.4 81.8
Investment freedom 70 60
Financial freedom 60 60

Economic freedom comparison by year

Oman
Qatar
1x
Year Economic freedom index
Oman Qatar
2026 68.5 70.2
2025 65.4 70.2
2024 62.9 68.8
2023 58.5 68.6
2022 56.6 67.7
2021 64.6 72
2020 63.6 72.3
2019 61 72.6
2018 61 72.6
2017 62.1 73.1
2016 67.1 70.7
2015 66.7 70.8
2014 67.4 71.2
2013 68.1 71.3
2012 67.9 71.3
2011 69.8 70.5
2010 67.7 69
2009 67 65.8
2008 67.3 62.2
2007 65.8 62.9
2006 63.7 62.4
2005 66.5 63.5
2004 66.9 66.5
2003 64.6 65.9
2002 64 61.9
2001 67.7 60
2000 64.1 62
1999 64.9 62
1998 64.9 -
1997 64.5 -
1996 65.4 -
1995 70.2 -

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

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

The Economic Freedom Index for Oman is 68.5, ranking 45/197, compared to 70.2 for Qatar, ranking 37/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Oman Qatar
Services, % of GDP
46%
2024
46.1%
2024
Industry, % of GDP
54.2%
2024
58.2%
2024
Agriculture, forestry, and fishing, % of GDP
2.6%
2024
0.29%
2024
GNI, Atlas method
$103B
2024
$221B
2024
GNI per capita, PPP
$39,340
2024
$121,900
2024
Total reserves including gold
$18.3B
2024
$54B
2024
Total reserves ranking
64/177
2024
40/177
2024
Net foreign direct investment
-$12.6B
2024
$1.1B
2024
Net inflows of foreign direct investment
$12.5B
2024
$460M
2024
Net outflows of foreign direct investment
-$143M
2024
$1.56B
2024
Gross capital formation, % of GDP
24.8%
2024
30.6%
2022

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/oman/qatar | 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 (2022–2023, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

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.