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Economy of Oman vs Singapore compared: GDP & Debt

Updated on by Georank

Oman has a GDP of $110B compared to $604B for Singapore, ranking 70/197 and 28/197 by economy size, respectively.

Oman has $39.2B in government debt (35.8% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Oman vs Singapore GDP by year

Oman
Singapore
1x
Year GDP, current $
Oman Singapore
2025 $109,604,780,696 $603,869,516,999
2024 $107,137,198,700 $572,877,260,178
2023 $106,174,707,932 $511,181,761,244
2022 $109,852,795,839 $514,252,535,239
2021 $87,323,797,139 $441,110,903,525
2020 $75,909,492,848 $351,226,533,656
2019 $88,060,858,257 $376,827,390,962
2018 $91,505,851,756 $377,976,367,877
2017 $80,856,697,009 $344,795,119,214
2016 $75,128,738,622 $320,759,207,439
2015 $78,710,793,238 $307,998,545,269
2014 $92,699,089,727 $314,863,580,758
2013 $89,936,020,806 $307,576,360,585
2012 $87,408,842,653 $295,092,888,077
2011 $77,497,529,259 $279,356,499,090
2010 $64,993,498,049 $239,807,980,591
2009 $55,454,096,229 $194,150,283,772
2008 $69,804,681,404 $193,617,323,539
2007 $48,300,390,117 $180,941,701,358
2006 $42,577,633,290 $148,627,286,361
2005 $35,506,892,068 $127,807,848,728
2004 $28,378,933,680 $115,033,593,101
2003 $24,733,680,104 $97,646,401,096
2002 $23,065,539,662 $92,538,372,870
2001 $22,205,721,717 $89,793,790,670
2000 $22,259,557,867 $96,076,539,926
1999 $17,832,769,831 $86,286,849,755
1998 $16,044,213,264 $85,728,207,782
1997 $18,039,791,938 $100,123,787,215
1996 $17,402,080,624 $96,293,086,513
1995 $15,722,236,671 $87,812,540,788
1994 $14,715,214,564 $73,688,724,431
1993 $14,230,429,129 $60,603,815,716
1992 $14,183,615,085 $52,131,320,033
1991 $12,918,335,501 $45,466,164,978
1990 $13,310,273,082 $36,144,336,769
1989 $9,372,171,651 $30,465,364,739
1988 $8,386,215,865 $25,371,462,488
1987 $7,811,183,095 $20,919,215,578
1986 $7,324,167,369 $18,586,746,057
1985 $10,005,645,420 $19,156,532,746
1984 $8,821,443,151 $19,749,361,098
1983 $7,932,541,691 $17,784,112,150
1982 $7,554,719,456 $16,084,252,378
1981 $7,259,120,151 $14,175,228,844
1980 $5,981,760,278 $11,896,256,783
1979 $3,733,352,635 $9,296,921,724
1978 $2,740,301,390 $7,517,176,355
1977 $2,741,169,948 $6,618,585,074
1976 $2,560,220,035 $6,327,077,974
1975 $2,096,699,189 $5,633,673,930
1974 $1,645,917,776 $5,221,534,956
1973 $483,066,991 $3,696,213,333
1972 $366,883,548 $2,721,440,981
1971 $301,010,587 $2,263,785,444
1970 $256,319,795 $1,920,574,150
1969 $239,999,808 $1,659,893,768
1968 $188,879,849 $1,425,706,091
1967 $107,151,832 $1,238,035,816
1966 $67,759,973 $1,096,425,608
1965 $63,279,975 $974,644,096
1964 $61,872,526 $894,153,311
1963 $59,912,763 $917,608,012
1962 $56,273,202 $826,239,212
1961 $45,634,487 $764,629,788
1960 $44,234,656 $704,751,700

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Oman vs Singapore by year

Oman
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Oman Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $19,947 - $98,814 -
2024 $20,285 $41,740 $94,897 $150,689
2023 $21,028 $41,945 $86,383 $143,786
2022 $23,224 $42,616 $91,228 $143,095
2021 $19,403 $38,719 $80,885 $132,617
2020 $16,785 $35,163 $61,773 $101,518
2019 $19,180 $37,251 $66,069 $105,335
2018 $19,902 $37,780 $67,033 $103,963
2017 $17,820 $33,619 $61,436 $95,744
2016 $17,110 $33,334 $57,204 $89,902
2015 $18,808 $36,058 $55,646 $87,156
2014 $23,161 $44,236 $57,565 $84,555
2013 $23,458 $47,013 $56,967 $83,088
2012 $24,642 $49,989 $55,548 $82,108
2011 $25,188 $52,393 $53,891 $80,052
2010 $23,570 $55,667 $47,237 $75,401
2009 $20,656 $55,127 $38,927 $66,213
2008 $26,577 $52,841 $40,009 $67,735
2007 $18,793 $48,627 $39,433 $68,805
2006 $16,931 $46,091 $33,768 $64,061
2005 $14,435 $43,673 $29,961 $58,822
2004 $11,801 $42,142 $27,608 $54,384
2003 $10,464 $40,935 $23,730 $48,778
2002 $9,869 $41,511 $22,160 $45,083
2001 $9,612 $41,679 $21,700 $43,109
2000 $9,754 $39,443 $23,853 $43,781
1999 $7,915 $36,792 $21,797 $39,949
1998 $7,219 $36,666 $21,829 $37,560
1997 $8,235 $36,809 $26,376 $39,286
1996 $8,068 $34,661 $26,233 $36,873
1995 $7,414 $33,598 $24,915 $35,090
1994 $7,068 $31,925 $21,552 $33,058
1993 $7,039 $30,987 $18,290 $30,062
1992 $7,318 $29,773 $16,136 $27,022
1991 $6,977 $28,109 $14,502 $25,530
1990 $7,546 $26,904 $11,862 $23,815
1989 $5,591 - $10,395 -
1988 $5,279 - $8,914 -
1987 $5,204 - $7,539 -
1986 $5,182 - $6,800 -
1985 $7,549 - $7,002 -
1984 $7,070 - $7,228 -
1983 $6,714 - $6,633 -
1982 $6,759 - $6,078 -
1981 $6,866 - $5,597 -
1980 $5,974 - $4,928 -
1979 $3,934 - $3,901 -
1978 $3,044 - $3,194 -
1977 $3,205 - $2,846 -
1976 $3,143 - $2,759 -
1975 $2,692 - $2,490 -
1974 $2,203 - $2,342 -
1973 $670 - $1,685 -
1972 $524 - $1,264 -
1971 $442 - $1,071 -
1970 $387 - $926 -
1969 $372 - $813 -
1968 $300 - $709 -
1967 $174.7 - $626 -
1966 $113.2 - $567 -
1965 $108.1 - $517 -
1964 $108.1 - $486 -
1963 $106.8 - $511 -
1962 $102.3 - $472 -
1961 $84.5 - $449 -
1960 $83.4 - $428 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Oman's GDP per capita is $19,947, ranking 60/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 55th at $41,740, while Singapore ranks 2nd at $150,689.

Economic indicators

Oman Singapore
Gross domestic product
$110B
2025
$604B
2025
GDP rank
70/197
2025
28/197
2025
GDP growth
2.4%
2024-2025
5.03%
2024-2025
GDP per capita
$19,947
2025
$98,814
2025
GDP per capita rank
60/197
2025
7/197
2025
GDP per capita, PPP
$41,740
2024
$150,689
2024
GDP per capita PPP rank
55/197
2024
2/197
2024
Government debt
$39.2B
2025
$1.03T
2025
Debt-to-GDP ratio
35.8%
2025
171.3%
2025
Government debt per person
$7,132
2025
$169,228
2025
Government debt per person rank
70/185
2025
1/185
2025
Average annual personal income after taxes
$19,851
2026
$51,296
2026
Market capitalization of domestic companies
$41.3B
2025
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires
2
2026
55
2026
Government expenditure, % of GDP
28.9%
2025
15.5%
2025
Consumer prices inflation
1%
2024-2025
0.9%
2024-2025
Central bank interest rate
4.5%
2025
n/a
Unemployment rate
3.3%
2024
3.26%
2025
Population
5775345
6167445

Spending and national debt comparison by year

Oman
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Oman Singapore
Government spending Government debt Government spending Government debt
2025 28.9% 35.8% 15.5% 171.3%
2024 28.7% 35.5% 14.3% 166%
2023 27.5% 37.4% 14.6% 170.4%
2022 31.1% 41.7% 14.9% 153.3%
2021 36.5% 61.9% 15.4% 139.9%
2020 44.5% 67.9% 24% 147.1%
2019 38.8% 52.5% 14% 127.7%
2018 38.3% 44.7% 13.9% 109.2%
2017 39.4% 40.1% 13.6% 107.3%
2016 44.6% 29.3% 15.2% 105.9%
2015 44.5% 13.9% 14.4% 102.1%
2014 41.4% 4.04% 12.6% 97.7%
2013 39.3% 4.66% 10.9% 98.2%
2012 38.6% 4.59% 9.83% 106.7%
2011 34.5% 4.44% 9.66% 103.1%
2010 30.6% 5.46% 10.2% 98.7%
2009 33.4% 5.8% 15.9% 101.7%
2008 25.6% 3.2% 14% 97.9%
2007 30.7% 4.44% 9.01% 87.8%
2006 30.1% 7.56% 12.3% 86.5%
2005 30.6% 8.39% 12.4% 92.7%
2004 34.1% 14.5% 14.1% 95.7%
2003 34% 13% 15.6% 99.1%
2002 34.1% 15.9% 15.9% 96.3%
2001 33.3% 22.5% 18.2% 94.5%
2000 31.2% 21.7% 16.1% 82.3%
1999 34.2% 28.9% 15.9% 85.3%
1998 36.1% 30.9% 18.1% 84.6%
1997 32.1% 20.8% 14.5% 70.8%
1996 33.5% 21.2% 18.1% 71.3%
1995 38.2% 21.9% 13.8% 69.8%
1994 39.7% 23.6% 11.7% 70.7%
1993 40.1% 22.2% 14.5% 71.2%
1992 40.1% 23.1% 14.5% 79%
1991 37.4% 22.6% 15.9% 76.4%
1990 36.5% 17.8% 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Oman's government spending was $31.7B, accounting for 28.9% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 35.8% in Oman and 171.3% in Singapore, ranking 142/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Oman

Singapore
1x
Year Deficit/surplus, % of GDP
Oman Singapore
2025 1.04% 4.16%
2024 3.22% 3.79%
2023 6.72% 3.42%
2022 10.3% 1.2%
2021 -3.17% 1.11%
2020 -15.7% -6.68%
2019 -4.83% 3.76%
2018 -6.72% 3.67%
2017 -10.5% 5.23%
2016 -19.6% 3.24%
2015 -13.5% 2.86%
2014 -1.58% 4.6%
2013 2.78% 5.96%
2012 4.07% 7.34%
2011 8.24% 7.96%
2010 4.95% 5.68%
2009 -0.27% -0.09%
2008 14.7% 3.59%
2007 10.5% 7.12%
2006 12.2% 2.16%
2005 11.2% 2.56%
2004 5.43% 2.06%
2003 5.92% 0.68%
2002 5.31% 2.23%
2001 7.55% 1.2%
2000 12.2% 4.59%
1999 0.3% 5.2%
1998 -4.37% 2.41%
1997 4.77% 5.66%
1996 2.22% 1.98%
1995 -3.9% 4.8%
1994 -7.47% 7.9%
1993 -6.84% 4.36%
1992 -4.85% 2.7%
1991 0.12% 0.68%
1990 4.78% 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Oman's government surplus, the difference between spending and revenue, was $1.14B, equivalent to 1.04% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 36 years, Oman recorded a fiscal deficit in 14 of those years, while Singapore ran a deficit in 2 years. On average, Oman posted an annual surplus equal to 0.98% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Oman

Singapore
1x
Year Consumer prices inflation
Oman Singapore
2025 1% 0.9%
2024 0.6% 2.39%
2023 1% 4.83%
2022 2.5% 6.13%
2021 1.7% 2.32%
2020 -0.4% -0.17%
2019 0.5% 0.57%
2018 0.7% 0.44%
2017 1.5% 0.58%
2016 0.9% -0.53%
2015 0.1% -0.52%
2014 1.2% 1.03%
2013 1.3% 2.36%
2012 2.9% 4.58%
2011 4.1% 5.25%
2010 3.3% 2.83%
2009 3.5% 0.59%
2008 12.6% 6.64%
2007 5.9% 2.11%
2006 3.2% 0.97%
2005 1.9% 0.43%
2004 0.8% 1.66%
2003 0.2% 0.51%
2002 -0.3% -0.39%
2001 -0.8% 1%
2000 -1.2% 1.36%
1999 0.5% 0.02%
1998 0.4% -0.27%
1997 -0.4% 2%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Oman has recorded an average annual inflation rate of 1.7%, compared with 1.71% in Singapore. In 2025, inflation was 1% in Oman and 0.9% in Singapore.

Top exports between countries

Oman
Export category Export value
Chemicals & pharma $232M
Raw materials & minerals $23.9M
Metals $17.5M
Machinery & equipment $8.63M
Precious metals & jewellery $957K
Processed food, beverages & tobacco $654K
Animal & marine products $299K
Raw agricultural goods $204K
Textiles & consumer goods $183K
Miscellaneous $12K
Singapore
Export category Export value
Machinery & equipment $182M
Raw materials & minerals $101M
Chemicals & pharma $70.6M
Precious metals & jewellery $63M
Metals $14.5M
Processed food, beverages & tobacco $5.95M
Miscellaneous $3.83M
Textiles & consumer goods $1.25M
Wood & paper products $423K
Animal & marine products $130K

Balance of trade

Oman Singapore
Current account balance
$3.07B
2024
$101B
2025
Current account balance ranking
37/190
2024
8/190
2025
Current account balance, % of GDP
+2.86%
2024
+16.7%
2025
Goods imports
$39.5B
2024
$475B
2025
Goods exports
$65.2B
2024
$652B
2025
Service imports
$12.8B
2024
$385B
2025
Service exports
$5.64B
2024
$422B
2025
Imports of goods and services, % of GDP
48.8%
2024
142.5%
2025
Exports of goods and services, % of GDP
66.1%
2024
177.9%
2025

Economic freedom indices

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

Oman Singapore
Economic freedom 68.5 84.4
Economic freedom ranking 45/197 1/197
Property rights 71.8 89.2
Government integrity 49.4 86.1
Judicial effectiveness 28 58.3
Tax burden 97.6 89.5
Government spending 74.7 93.4
Fiscal health 97.5 80
Business freedom 67.8 90.6
Labor freedom 47.7 77
Monetary freedom 79.2 83.5
Trade freedom 78.4 95
Investment freedom 70 90
Financial freedom 60 80

Economic freedom comparison by year

Oman
Singapore
1x
Year Economic freedom index
Oman Singapore
2026 68.5 84.4
2025 65.4 84.1
2024 62.9 83.5
2023 58.5 83.9
2022 56.6 84.4
2021 64.6 89.7
2020 63.6 89.4
2019 61 89.4
2018 61 88.8
2017 62.1 88.6
2016 67.1 87.8
2015 66.7 89.4
2014 67.4 89.4
2013 68.1 88
2012 67.9 87.5
2011 69.8 87.2
2010 67.7 86.1
2009 67 87.1
2008 67.3 87.3
2007 65.8 87.1
2006 63.7 88
2005 66.5 88.6
2004 66.9 88.9
2003 64.6 88.2
2002 64 87.4
2001 67.7 87.8
2000 64.1 87.7
1999 64.9 86.9
1998 64.9 87
1997 64.5 87.3
1996 65.4 86.5
1995 70.2 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Oman is 68.5, ranking 45/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Oman Singapore
Services, % of GDP
47.2%
2025
71.6%
2025
Industry, % of GDP
52.7%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
2.81%
2025
0.02%
2025
GNI, Atlas method
$103B
2024
$500B
2025
GNI per capita, PPP
$39,390
2024
$135,750
2025
Total reserves including gold
$18.3B
2024
$432B
2025
Total reserves ranking
68/177
2024
11/177
2025
Net foreign direct investment
-$12.6B
2024
-$64.9B
2025
Net inflows of foreign direct investment
$12.5B
2024
$135B
2024
Net outflows of foreign direct investment
-$143M
2024
$63.6B
2024
Gross capital formation, % of GDP
24.8%
2024
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2024–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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.