Oman has a GDP of $107B compared to $2.17T for Russia, ranking 70/197 and 11/197 by economy size, respectively.
Oman has $38B in government debt (35.4% of GDP), compared to $441B (21.4% of GDP) in Russia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Oman
|
Russia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $44,234,656 | $1,249,211,742 | - | - |
| 1961 | $45,634,487 | $1,263,447,839 | - | - |
| 1962 | $56,273,202 | $1,518,510,059 | - | - |
| 1963 | $59,912,763 | $1,587,317,448 | - | - |
| 1964 | $61,872,526 | $1,588,503,801 | - | - |
| 1965 | $63,279,975 | $1,595,621,861 | - | - |
| 1966 | $67,759,973 | $1,678,665,421 | - | - |
| 1967 | $107,151,832 | $2,790,262,281 | - | - |
| 1968 | $188,879,849 | $5,075,146,585 | - | - |
| 1969 | $239,999,808 | $6,377,742,275 | - | - |
| 1970 | $256,319,795 | $7,263,935,714 | - | - |
| 1971 | $301,010,587 | $7,329,182,208 | - | - |
| 1972 | $366,883,548 | $8,049,290,789 | - | - |
| 1973 | $483,066,991 | $6,902,101,210 | - | - |
| 1974 | $1,645,917,776 | $7,695,760,470 | - | - |
| 1975 | $2,096,699,189 | $9,576,104,314 | - | - |
| 1976 | $2,560,220,035 | $11,543,047,911 | - | - |
| 1977 | $2,741,169,948 | $11,659,311,607 | - | - |
| 1978 | $2,740,301,390 | $11,228,671,308 | - | - |
| 1979 | $3,733,352,635 | $11,715,068,326 | - | - |
| 1980 | $5,981,760,278 | $12,422,124,728 | - | - |
| 1981 | $7,259,120,151 | $14,539,734,068 | - | - |
| 1982 | $7,554,719,456 | $16,221,957,658 | - | - |
| 1983 | $7,932,541,691 | $18,925,617,928 | - | - |
| 1984 | $8,821,443,151 | $22,088,390,354 | - | - |
| 1985 | $10,005,645,420 | $25,182,354,730 | - | - |
| 1986 | $7,324,167,369 | $25,686,545,709 | - | - |
| 1987 | $7,811,183,095 | $24,802,727,111 | - | - |
| 1988 | $8,386,215,865 | $26,281,968,614 | $554,828,660,436 | - |
| 1989 | $9,372,171,651 | $29,371,903,351 | $506,631,299,735 | $1,197,410,924,008 |
| 1990 | $13,310,273,082 | $29,333,594,830 | $517,014,446,228 | $1,161,488,648,466 |
| 1991 | $12,918,335,501 | $31,115,340,233 | $517,962,962,963 | $1,102,869,019,643 |
| 1992 | $14,183,615,085 | $33,733,348,947 | $460,290,556,901 | $942,610,308,780 |
| 1993 | $14,230,429,129 | $35,771,841,958 | $435,083,713,851 | $860,899,753,889 |
| 1994 | $14,715,214,564 | $37,158,277,767 | $395,077,301,248 | $752,686,755,591 |
| 1995 | $15,722,236,671 | $39,015,009,844 | $395,537,185,735 | $721,498,966,071 |
| 1996 | $17,402,080,624 | $40,203,383,600 | $391,724,890,744 | $694,406,178,898 |
| 1997 | $18,039,791,938 | $42,629,059,778 | $404,928,954,192 | $704,127,280,749 |
| 1998 | $16,044,213,264 | $42,600,125,690 | $270,955,486,862 | $666,808,805,067 |
| 1999 | $17,832,769,831 | $42,726,901,831 | $195,907,128,351 | $709,483,999,746 |
| 2000 | $22,259,557,867 | $45,372,727,045 | $259,710,142,197 | $780,432,873,753 |
| 2001 | $22,205,721,717 | $47,465,846,486 | $306,602,070,621 | $820,235,350,097 |
| 2002 | $23,065,539,662 | $47,093,635,558 | $345,470,494,418 | $858,786,345,187 |
| 2003 | $24,733,680,104 | $46,060,087,701 | $430,347,420,185 | $921,477,339,134 |
| 2004 | $28,378,933,680 | $46,977,841,908 | $591,016,690,732 | $987,823,227,181 |
| 2005 | $35,506,892,068 | $48,283,564,529 | $764,015,973,481 | $1,051,043,572,408 |
| 2006 | $42,577,633,290 | $50,538,317,581 | $989,932,071,353 | $1,137,229,862,730 |
| 2007 | $48,300,390,117 | $53,055,456,656 | $1,299,703,478,482 | $1,233,894,148,247 |
| 2008 | $69,804,681,404 | $57,803,951,303 | $1,660,848,058,303 | $1,298,056,264,706 |
| 2009 | $55,454,096,229 | $61,261,764,565 | $1,222,645,900,056 | $1,196,807,955,076 |
| 2010 | $64,993,498,049 | $62,776,154,507 | $1,524,916,715,224 | $1,250,664,313,045 |
| 2011 | $77,497,529,259 | $64,593,279,187 | $2,045,922,753,398 | $1,304,443,243,520 |
| 2012 | $87,408,842,653 | $70,318,260,490 | $2,208,293,553,878 | $1,356,935,163,515 |
| 2013 | $89,936,020,806 | $73,994,291,063 | $2,292,470,078,346 | $1,380,755,103,919 |
| 2014 | $92,699,089,727 | $74,950,483,987 | $2,059,241,589,895 | $1,390,921,151,162 |
| 2015 | $78,710,793,238 | $78,710,793,238 | $1,363,482,182,198 | $1,363,482,182,198 |
| 2016 | $75,128,738,622 | $82,682,873,556 | $1,276,786,350,881 | $1,366,123,111,808 |
| 2017 | $80,856,697,009 | $82,934,277,089 | $1,574,199,360,089 | $1,391,065,651,846 |
| 2018 | $91,505,851,756 | $84,001,727,416 | $1,657,328,773,461 | $1,430,116,278,515 |
| 2019 | $88,060,858,257 | $83,053,651,985 | $1,693,115,002,708 | $1,461,551,317,106 |
| 2020 | $75,909,492,848 | $80,246,670,661 | $1,493,075,894,362 | $1,422,766,794,795 |
| 2021 | $87,323,797,139 | $82,318,780,120 | $1,829,186,719,575 | $1,506,233,291,760 |
| 2022 | $109,852,795,839 | $88,892,516,940 | $2,291,612,121,335 | $1,484,605,556,958 |
| 2023 | $105,895,708,713 | $89,947,791,028 | $2,071,505,725,031 | $1,545,214,947,189 |
| 2024 | $106,942,782,835 | $91,453,585,977 | $2,173,835,806,672 | $1,612,344,875,264 |
Economic indicators
|
Oman
|
Russia
|
|
|---|---|---|
| Gross domestic product |
$107B
2024 |
$2.17T
2024 |
| GDP rank |
70/197
2024 |
11/197
2024 |
| GDP growth |
0.99%
2023-2024 |
4.94%
2023-2024 |
| GDP per capita |
$20,248
2024 |
$15,145
2024 |
| GDP per capita rank |
57/197
2024 |
69/197
2024 |
| GDP per capita, PPP |
$41,664
2024 |
$47,405
2024 |
| Government debt |
$38B
2024 |
$441B
2024 |
| Debt-to-GDP ratio |
35.4%
2025 |
21.4%
2025 |
| Government debt per person |
$7,191
2024 |
$3,075
2024 |
| Government debt per person rank |
68/185
2024 |
98/185
2024 |
| Average annual personal income after taxes |
$20,368
2025 |
$9,262
2025 |
| Market capitalization of domestic companies |
$22.3B
2022 |
$650B
2023 |
| Number of millionaires | n/a |
381,726
2024 |
| Number of billionaires |
2
2025 |
140
2025 |
| Income share by richest 10% | n/a |
25.1%
2023 |
| Income share by poorest 10% | n/a |
3.1%
2023 |
| Government expenditure, % of GDP |
28.2%
2025 |
37.6%
2025 |
| Consumer prices inflation |
0.9%
2024-2025 |
9%
2024-2025 |
| Central bank interest rate |
4.75%
2025 |
17%
2025 |
| Unemployment rate |
3.3%
2022 |
2.43%
2024 |
| Population |
5636678
|
142718132
|
GDP per capita in Oman vs Russia
Oman's GDP per capita is $20,248, ranking 57/197, compared to $15,145 in Russia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 54th at $41,664, while Russia ranks 49th at $47,405.
| Year | Current $ | |||
|---|---|---|---|---|
|
Oman
|
Russia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $83.4 | - | - | - |
| 1961 | $84.5 | - | - | - |
| 1962 | $102.3 | - | - | - |
| 1963 | $106.8 | - | - | - |
| 1964 | $108.1 | - | - | - |
| 1965 | $108.1 | - | - | - |
| 1966 | $113.2 | - | - | - |
| 1967 | $174.7 | - | - | - |
| 1968 | $300 | - | - | - |
| 1969 | $372 | - | - | - |
| 1970 | $387 | - | - | - |
| 1971 | $442 | - | - | - |
| 1972 | $524 | - | - | - |
| 1973 | $670 | - | - | - |
| 1974 | $2,203 | - | - | - |
| 1975 | $2,692 | - | - | - |
| 1976 | $3,143 | - | - | - |
| 1977 | $3,205 | - | - | - |
| 1978 | $3,044 | - | - | - |
| 1979 | $3,934 | - | - | - |
| 1980 | $5,974 | - | - | - |
| 1981 | $6,866 | - | - | - |
| 1982 | $6,759 | - | - | - |
| 1983 | $6,714 | - | - | - |
| 1984 | $7,070 | - | - | - |
| 1985 | $7,549 | - | - | - |
| 1986 | $5,182 | - | - | - |
| 1987 | $5,204 | - | - | - |
| 1988 | $5,279 | - | $3,778 | - |
| 1989 | $5,591 | - | $3,430 | - |
| 1990 | $7,546 | $26,904 | $3,494 | $8,028 |
| 1991 | $6,977 | $28,109 | $3,490 | $7,858 |
| 1992 | $7,318 | $29,773 | $3,099 | $6,862 |
| 1993 | $7,039 | $30,987 | $2,931 | $6,420 |
| 1994 | $7,068 | $31,925 | $2,662 | $5,734 |
| 1995 | $7,414 | $33,598 | $2,666 | $5,613 |
| 1996 | $8,068 | $34,661 | $2,644 | $5,518 |
| 1997 | $8,235 | $36,809 | $2,738 | $5,700 |
| 1998 | $7,219 | $36,666 | $1,835 | $5,465 |
| 1999 | $7,915 | $36,792 | $1,331 | $5,914 |
| 2000 | $9,754 | $39,443 | $1,772 | $6,825 |
| 2001 | $9,612 | $41,679 | $2,100 | $7,361 |
| 2002 | $9,869 | $41,511 | $2,378 | $8,037 |
| 2003 | $10,464 | $40,935 | $2,975 | $9,255 |
| 2004 | $11,801 | $42,142 | $4,102 | $10,227 |
| 2005 | $14,435 | $43,673 | $5,323 | $11,822 |
| 2006 | $16,931 | $46,091 | $6,920 | $14,912 |
| 2007 | $18,793 | $48,627 | $9,101 | $16,648 |
| 2008 | $26,577 | $52,841 | $11,635 | $20,164 |
| 2009 | $20,656 | $55,127 | $8,563 | $19,390 |
| 2010 | $23,570 | $55,667 | $10,675 | $20,490 |
| 2011 | $25,188 | $52,393 | $14,305 | $22,790 |
| 2012 | $24,642 | $49,989 | $15,402 | $24,274 |
| 2013 | $23,458 | $47,013 | $15,941 | $26,020 |
| 2014 | $23,161 | $44,236 | $14,277 | $25,688 |
| 2015 | $18,808 | $36,058 | $9,427 | $23,994 |
| 2016 | $17,110 | $33,334 | $8,804 | $24,012 |
| 2017 | $17,820 | $33,619 | $10,835 | $25,778 |
| 2018 | $19,902 | $37,780 | $11,399 | $28,629 |
| 2019 | $19,180 | $37,251 | $11,640 | $30,964 |
| 2020 | $16,785 | $35,163 | $10,280 | $31,491 |
| 2021 | $19,403 | $38,719 | $12,637 | $38,638 |
| 2022 | $23,224 | $42,616 | $15,888 | $40,939 |
| 2023 | $20,972 | $41,851 | $14,403 | $44,269 |
| 2024 | $20,248 | $41,664 | $15,145 | $47,405 |
Spending and national debt comparison
In 2024, Oman's government spending was $29.9B, accounting for 28.2% of its GDP, while Russia's spent $831B, or 37.6% of GDP.
Debt-to-GDP ratio is 35.4% in Oman and 21.4% in Russia, ranking 146/185 and 173/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Oman
|
Russia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | 36.5% | 17.8% | - | - |
| 1991 | 37.4% | 22.6% | - | - |
| 1992 | 40.1% | 23.1% | - | 116% |
| 1993 | 40.1% | 22.2% | - | 92.4% |
| 1994 | 39.7% | 23.6% | - | 63.5% |
| 1995 | 38.2% | 21.9% | - | 53.7% |
| 1996 | 33.5% | 21.2% | - | 51.9% |
| 1997 | 32.1% | 20.8% | - | 51.5% |
| 1998 | 36.1% | 30.9% | 39.7% | 135.2% |
| 1999 | 34.2% | 28.9% | 34.3% | 92.4% |
| 2000 | 31.2% | 21.7% | 30.7% | 55.9% |
| 2001 | 33.3% | 22.5% | 31.5% | 44.4% |
| 2002 | 34.1% | 15.9% | 33.8% | 37.6% |
| 2003 | 34% | 13% | 32.6% | 28.3% |
| 2004 | 34.1% | 14.5% | 29.6% | 20.8% |
| 2005 | 30.6% | 8.39% | 29.5% | 14.9% |
| 2006 | 30.1% | 7.56% | 29% | 9.8% |
| 2007 | 30.7% | 4.44% | 31.9% | 8.03% |
| 2008 | 25.6% | 3.2% | 32% | 7.45% |
| 2009 | 33.4% | 5.8% | 38.6% | 9.92% |
| 2010 | 30.6% | 5.46% | 35.5% | 10.1% |
| 2011 | 34.5% | 4.44% | 33.3% | 10.3% |
| 2012 | 38.6% | 4.59% | 34% | 11.2% |
| 2013 | 39.3% | 4.66% | 34.7% | 12.3% |
| 2014 | 41.4% | 4.04% | 34.9% | 15.1% |
| 2015 | 44.5% | 13.9% | 35.3% | 15.3% |
| 2016 | 44.6% | 29.3% | 36.6% | 14.8% |
| 2017 | 39.4% | 40.1% | 34.8% | 14.3% |
| 2018 | 38.3% | 44.7% | 32.6% | 13.6% |
| 2019 | 38.8% | 52.5% | 33.8% | 13.7% |
| 2020 | 44.5% | 67.9% | 39.2% | 19.2% |
| 2021 | 36.5% | 61.9% | 34.9% | 16.5% |
| 2022 | 30.9% | 41.7% | 35.4% | 18.5% |
| 2023 | 27.5% | 37.5% | 36.1% | 19.5% |
| 2024 | 27.9% | 35.5% | 38.2% | 20.3% |
| 2025 | 28.2% | 35.4% | 37.6% | 21.4% |
Government deficit by year
In 2024, Oman's government surplus, the difference between spending and revenue, was $6.75B, equivalent to 6.31% of GDP. This compares to Russia's deficit of -$48.9B, or -2.25% of GDP.
Over the past 35 years, Oman recorded a fiscal deficit in 14 of those years, while Russia ran a deficit in 13 years. On average, Oman posted an annual surplus equal to +1.08% of GDP, compared to surplus of +0.16% of GDP for Russia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Oman
|
Russia
|
|
| 1885 | - | -0.75% |
| 1886 | - | -0.84% |
| 1887 | - | 0.14% |
| 1888 | - | 0.88% |
| 1889 | - | 1.34% |
| 1890 | - | 0.01% |
| 1891 | - | -0.97% |
| 1892 | - | -1.16% |
| 1893 | - | 0.63% |
| 1894 | - | 1.43% |
| 1895 | - | 0.7% |
| 1896 | - | 1.3% |
| 1897 | - | 0.34% |
| 1898 | - | 0.03% |
| 1899 | - | 0.66% |
| 1900 | - | -0.36% |
| 1901 | - | 0.14% |
| 1902 | - | -1.57% |
| 1903 | - | 1.04% |
| 1904 | - | -5.13% |
| 1905 | - | -7.72% |
| 1906 | - | -3.19% |
| 1907 | - | -0.86% |
| 1908 | - | -0.83% |
| 1909 | - | -0.15% |
| 1910 | - | 1.52% |
| 1911 | - | 1.26% |
| 1912 | - | 0.69% |
| 1913 | - | 0.69% |
| 1914 | - | 0.69% |
| 1915 | - | 0.69% |
| 1916 | - | 0.69% |
| 1917 | - | 0.69% |
| 1918 | - | 0.69% |
| 1919 | - | 0.69% |
| 1920 | - | 0.69% |
| 1921 | - | 0.69% |
| 1922 | - | 0.69% |
| 1923 | - | 0.69% |
| 1924 | - | 0.69% |
| 1925 | - | 0.69% |
| 1926 | - | 0.69% |
| 1927 | - | 0.69% |
| 1928 | - | -0.4% |
| 1929 | - | -0.4% |
| 1930 | - | -1.62% |
| 1931 | - | -1.12% |
| 1932 | - | 0.06% |
| 1933 | - | 0.58% |
| 1934 | - | 0.25% |
| 1935 | - | 0.07% |
| 1936 | - | 0.1% |
| 1937 | - | 0.12% |
| 1938 | - | 0.16% |
| 1939 | - | 0.12% |
| 1940 | - | 0.15% |
| 1941 | - | 0.15% |
| 1942 | - | 0.15% |
| 1943 | - | 0.15% |
| 1944 | - | 0.15% |
| 1945 | - | 0.15% |
| 1946 | - | 0.15% |
| 1947 | - | 0.15% |
| 1948 | - | 0.15% |
| 1949 | - | 0.15% |
| 1950 | - | 0.15% |
| 1951 | - | 0.15% |
| 1952 | - | 0.15% |
| 1953 | - | 0.15% |
| 1954 | - | 0.15% |
| 1955 | - | 0.15% |
| 1956 | - | 0.15% |
| 1957 | - | 0.15% |
| 1958 | - | 0.15% |
| 1959 | - | 0.15% |
| 1960 | - | 0.15% |
| 1961 | - | 0.15% |
| 1962 | - | 0.15% |
| 1963 | - | 0.15% |
| 1964 | - | 0.15% |
| 1965 | - | 0.15% |
| 1966 | - | 0.15% |
| 1967 | - | 0.15% |
| 1968 | - | 0.15% |
| 1969 | - | 0.15% |
| 1970 | - | 0.15% |
| 1971 | - | 0.15% |
| 1972 | - | 0.15% |
| 1973 | - | 0.15% |
| 1974 | - | 0.15% |
| 1975 | - | 0.15% |
| 1976 | - | 0.15% |
| 1977 | - | 0.15% |
| 1978 | - | 0.15% |
| 1979 | - | 0.15% |
| 1980 | - | 0.15% |
| 1981 | - | 0.15% |
| 1982 | - | 0.15% |
| 1983 | - | 0.15% |
| 1984 | - | 0.15% |
| 1985 | - | 0.15% |
| 1986 | - | 0.15% |
| 1987 | - | 0.15% |
| 1988 | - | 0.15% |
| 1989 | - | 0.15% |
| 1990 | 4.78% | 0.15% |
| 1991 | 0.12% | 0.15% |
| 1992 | -4.85% | 0.15% |
| 1993 | -6.84% | 0.15% |
| 1994 | -7.47% | 0.15% |
| 1995 | -3.9% | 0.15% |
| 1996 | 2.22% | 0.15% |
| 1997 | 4.77% | 0.15% |
| 1998 | -4.37% | -7.42% |
| 1999 | 0.3% | -3.59% |
| 2000 | 12.2% | 3.11% |
| 2001 | 7.55% | 2.99% |
| 2002 | 5.31% | 0.67% |
| 2003 | 5.92% | 1.35% |
| 2004 | 5.43% | 4.57% |
| 2005 | 11.2% | 7.6% |
| 2006 | 12.2% | 7.8% |
| 2007 | 10.5% | 5.59% |
| 2008 | 14.7% | 4.55% |
| 2009 | -0.27% | -5.89% |
| 2010 | 4.95% | -3.19% |
| 2011 | 8.24% | 1.43% |
| 2012 | 4.07% | 0.38% |
| 2013 | 2.78% | -1.16% |
| 2014 | -1.58% | -1.07% |
| 2015 | -13.5% | -3.39% |
| 2016 | -19.6% | -3.67% |
| 2017 | -10.5% | -1.47% |
| 2018 | -6.72% | 2.92% |
| 2019 | -4.83% | 1.93% |
| 2020 | -15.7% | -3.99% |
| 2021 | -3.17% | 0.78% |
| 2022 | 10.5% | -1.56% |
| 2023 | 6.87% | -2.51% |
| 2024 | 6.31% | -2.25% |
| 2025 | 1.24% | -1.01% |
Inflation comparison by year
Over the past 30 years, Oman has recorded an average annual inflation rate of 1.65%, compared with 14.4% in Russia. In 2025, inflation was 0.9% in Oman and 9% in Russia.
| Year | Inflation | ||
|---|---|---|---|
|
Oman
|
Russia
|
Oman
|
Russia
|
| 1996 | 0.5% | 47.8% | |
| 1997 | -0.4% | 14.8% | |
| 1998 | 0.4% | 27.7% | |
| 1999 | 0.5% | 85.7% | |
| 2000 | -1.2% | 20.8% | |
| 2001 | -0.8% | 21.5% | |
| 2002 | -0.3% | 15.8% | |
| 2003 | 0.2% | 13.7% | |
| 2004 | 0.8% | 10.9% | |
| 2005 | 1.9% | 12.7% | |
| 2006 | 3.2% | 9.7% | |
| 2007 | 5.9% | 9% | |
| 2008 | 12.6% | 14.1% | |
| 2009 | 3.5% | 11.6% | |
| 2010 | 3.3% | 6.8% | |
| 2011 | 4.1% | 8.4% | |
| 2012 | 2.9% | 5.1% | |
| 2013 | 1.3% | 6.8% | |
| 2014 | 1.2% | 7.8% | |
| 2015 | 0.1% | 15.5% | |
| 2016 | 0.9% | 7% | |
| 2017 | 1.5% | 3.7% | |
| 2018 | 0.7% | 2.9% | |
| 2019 | 0.5% | 4.5% | |
| 2020 | -0.4% | 3.4% | |
| 2021 | 1.7% | 6.7% | |
| 2022 | 2.5% | 13.7% | |
| 2023 | 1% | 5.9% | |
| 2024 | 0.6% | 8.4% | |
| 2025 | 0.9% | 9% | |
Top exports between countries
|
Oman
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $12.7M |
| Metals | $7.85M |
| Textiles & consumer goods | $4.49M |
| Raw materials & minerals | $620K |
| Chemicals & pharma | $267K |
| Precious metals & jewellery | $227K |
| Animal & marine products | $94K |
| Processed food, beverages & tobacco | $83K |
| Raw agricultural goods | $43K |
| Miscellaneous | $27K |
|
Russia
|
|
|---|---|
| Export category | Export value |
| Metals | $104M |
| Raw agricultural goods | $16.9M |
| Raw materials & minerals | $16.7M |
| Machinery & equipment | $14M |
| Chemicals & pharma | $10.4M |
| Wood & paper products | $4.03M |
| Processed food, beverages & tobacco | $2.08M |
| Business & finance services | $1.54M |
| IT & IP services | $1.39M |
| Transport & tourism services | $818K |
Balance of trade
|
Oman
|
Russia
|
|
|---|---|---|
Current account balance
|
$2.64B
2023 |
$63.2B
2024 |
| Current account balance ranking |
40/189
2023 |
9/189
2024 |
| Current account balance, % of GDP |
+2.49%
2023 |
+2.91%
2024 |
| Goods imports |
$35.2B
2023 |
$300B
2024 |
| Goods exports |
$59B
2023 |
$433B
2024 |
| Service imports |
$12.2B
2023 |
$81.5B
2024 |
| Service exports |
$5.73B
2023 |
$43B
2024 |
| Imports of goods and services, % of GDP |
44.8%
2023 |
17.6%
2024 |
| Exports of goods and services, % of GDP |
61.1%
2023 |
21.9%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Oman
|
Russia
|
|
|---|---|---|
| Economic freedom | 65.4 | 51.6 |
| Economic freedom ranking | 64/197 | 150/197 |
| Property rights | 74.5 | 18.6 |
| Government integrity | 42.3 | 23 |
| Judicial effectiveness | 25.5 | 28.4 |
| Tax burden | 97.6 | 87.7 |
| Government spending | 70.8 | 62 |
| Fiscal health | 63.2 | 97.8 |
| Business freedom | 68.1 | 51.3 |
| Labor freedom | 52.2 | 59 |
| Monetary freedom | 82.5 | 62.2 |
| Trade freedom | 78.2 | 69.4 |
| Investment freedom | 70 | 30 |
| Financial freedom | 60 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Oman is 65.4, ranking 64/197, compared to 51.6 for Russia, ranking 150/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Oman
|
Russia
|
|
| 1995 | 70.2 | 51.1 |
| 1996 | 65.4 | 51.6 |
| 1997 | 64.5 | 48.6 |
| 1998 | 64.9 | 52.8 |
| 1999 | 64.9 | 54.5 |
| 2000 | 64.1 | 51.8 |
| 2001 | 67.7 | 49.8 |
| 2002 | 64 | 48.7 |
| 2003 | 64.6 | 50.8 |
| 2004 | 66.9 | 52.8 |
| 2005 | 66.5 | 51.3 |
| 2006 | 63.7 | 52.4 |
| 2007 | 65.8 | 52.2 |
| 2008 | 67.3 | 49.8 |
| 2009 | 67 | 50.8 |
| 2010 | 67.7 | 50.3 |
| 2011 | 69.8 | 50.5 |
| 2012 | 67.9 | 50.5 |
| 2013 | 68.1 | 51.1 |
| 2014 | 67.4 | 51.9 |
| 2015 | 66.7 | 52.1 |
| 2016 | 67.1 | 50.6 |
| 2017 | 62.1 | 57.1 |
| 2018 | 61 | 58.2 |
| 2019 | 61 | 58.9 |
| 2020 | 63.6 | 61 |
| 2021 | 64.6 | 61.5 |
| 2022 | 56.6 | 56.1 |
| 2023 | 58.5 | 53.8 |
| 2024 | 62.9 | 52 |
| 2025 | 65.4 | 51.6 |
More economic indicators
|
Oman
|
Russia
|
|
|---|---|---|
| Services, % of GDP |
46.5%
2024 |
57.5%
2024 |
| Industry, % of GDP |
54.2%
2024 |
30.7%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.6%
2024 |
2.74%
2024 |
|
GNI, Atlas method
|
$102B
2024 |
$2.24T
2024 |
| GNI per capita, PPP |
$38,840
2024 |
$46,780
2024 |
| Total reserves including gold |
$18.3B
2024 |
$597B
2023 |
| Total reserves ranking |
64/177
2024 |
6/177
2023 |
|
Net foreign direct investment
|
-$12.1B
2023 |
$8.09B
2024 |
|
Net inflows of foreign direct investment
|
$8.69B
2024 |
-$8.1B
2024 |
|
Net outflows of foreign direct investment
|
$1.04B
2024 |
-$13.1M
2024 |
| Poverty at national poverty lines | n/a |
12.1%
2020 |
|
Gross capital formation, % of GDP
|
26.7%
2023 |
26.3%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.