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Economy of Oman vs Solomon Islands compared: GDP & Debt

Updated on by Georank team

Oman has a GDP of $107B compared to $1.58B for the Solomon Islands, ranking 70/197 and 182/197 by economy size, respectively.

Oman has $38B in government debt (35.5% of GDP), compared to $350M (22.1% of GDP) in the Solomon Islands.

Oman vs Solomon Islands GDP by year

Oman
Solomon Islands
1x
Year GDP, current $
Oman Solomon Islands
2024 $107,137,198,769 $1,583,964,704
2023 $106,174,708,037 $1,506,124,566
2022 $109,852,795,839 $1,466,670,930
2021 $87,323,797,139 $1,558,312,104
2020 $75,909,492,848 $1,536,143,428
2019 $88,060,858,257 $1,619,150,564
2018 $91,505,851,756 $1,615,473,250
2017 $80,856,697,009 $1,469,790,526
2016 $75,128,738,622 $1,379,486,291
2015 $78,710,793,238 $1,307,908,814
2014 $92,699,089,727 $1,335,576,763
2013 $89,936,020,806 $1,285,905,958
2012 $87,408,842,653 $1,185,217,634
2011 $77,497,529,259 $1,063,898,227
2010 $64,993,498,049 $898,128,551
2009 $55,454,096,229 $805,557,289
2008 $69,804,681,404 $776,335,523
2007 $48,300,390,117 $695,291,218
2006 $42,577,633,290 $617,257,458
2005 $35,506,892,068 $552,881,357
2004 $28,378,933,680 $468,000,121
2003 $24,733,680,104 $417,666,639
2002 $23,065,539,662 $346,406,739
2001 $22,205,721,717 $409,508,553
2000 $22,259,557,867 $419,842,674
1999 $17,832,769,831 $488,024,514
1998 $16,044,213,264 $457,579,840
1997 $18,039,791,938 $526,554,006
1996 $17,402,080,624 $510,586,430
1995 $15,722,236,671 $469,443,202
1994 $14,715,214,564 $402,837,005
1993 $14,230,429,129 $300,746,361
1992 $14,183,615,085 $269,034,596
1991 $12,918,335,501 $227,540,473
1990 $13,310,273,082 $214,877,667
1989 $9,372,171,651 $172,882,411
1988 $8,386,215,865 $176,494,394
1987 $7,811,183,095 $155,128,542
1986 $7,324,167,369 $147,620,048
1985 $10,005,645,420 $165,524,943
1984 $8,821,443,151 $181,570,474
1983 $7,932,541,691 $181,220,399
1982 $7,554,719,456 $192,902,019
1981 $7,259,120,151 $193,750,541
1980 $5,981,760,278 $182,852,107
1979 $3,733,352,635 $151,276,496
1978 $2,740,301,390 $111,027,427
1977 $2,741,169,948 $93,145,283
1976 $2,560,220,035 $83,100,834
1975 $2,096,699,189 $74,620,320
1974 $1,645,917,776 $84,539,332
1973 $483,066,991 $55,272,109
1972 $366,883,548 $40,606,712
1971 $301,010,587 $50,056,883
1970 $256,319,795 -
1969 $239,999,808 $28,606,411
1968 $188,879,849 $28,084,253
1967 $107,151,832 $25,203,524
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/solomon-islands | CC BY

GDP per capita in Oman vs Solomon Islands by year

Oman
GDP per capita

GDP per capita, PPP
Solomon Islands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Oman Solomon Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $20,285 $41,740 $1,934 $2,675
2023 $21,028 $41,945 $1,883 $2,597
2022 $23,224 $42,616 $1,878 $2,496
2021 $19,403 $38,719 $2,043 $2,450
2020 $16,785 $35,163 $2,063 $2,405
2019 $19,180 $37,251 $2,224 $2,512
2018 $19,902 $37,780 $2,278 $2,494
2017 $17,820 $33,619 $2,144 $2,454
2016 $17,110 $33,334 $2,083 $2,421
2015 $18,808 $36,058 $2,045 $2,354
2014 $23,161 $44,236 $2,165 $2,377
2013 $23,458 $47,013 $2,161 $2,394
2012 $24,642 $49,989 $2,066 $2,320
2011 $25,188 $52,393 $1,924 $2,306
2010 $23,570 $55,667 $1,685 $2,182
2009 $20,656 $55,127 $1,555 $2,021
2008 $26,577 $52,841 $1,526 $1,989
2007 $18,793 $48,627 $1,390 $1,869
2006 $16,931 $46,091 $1,256 $1,786
2005 $14,435 $43,673 $1,144 $1,693
2004 $11,801 $42,142 $986 $1,556
2003 $10,464 $40,935 $896 $1,433
2002 $9,869 $41,511 $757 $1,344
2001 $9,612 $41,679 $912 $1,387
2000 $9,754 $39,443 $953 $1,503
1999 $7,915 $36,792 $1,134 $1,754
1998 $7,219 $36,666 $1,092 $1,785
1997 $8,235 $36,809 $1,292 $1,793
1996 $8,068 $34,661 $1,289 $1,830
1995 $7,414 $33,598 $1,220 $1,820
1994 $7,068 $31,925 $1,078 $1,668
1993 $7,039 $30,987 $829 $1,556
1992 $7,318 $29,773 $764 $1,505
1991 $6,977 $28,109 $666 $1,346
1990 $7,546 $26,904 $648 $1,266
1989 $5,591 - $538 -
1988 $5,279 - $567 -
1987 $5,204 - $515 -
1986 $5,182 - $506 -
1985 $7,549 - $586 -
1984 $7,070 - $665 -
1983 $6,714 - $686 -
1982 $6,759 - $756 -
1981 $6,866 - $786 -
1980 $5,974 - $768 -
1979 $3,934 - $658 -
1978 $3,044 - $500 -
1977 $3,205 - $434 -
1976 $3,143 - $401 -
1975 $2,692 - $372 -
1974 $2,203 - $433 -
1973 $670 - $291.3 -
1972 $524 - $219.5 -
1971 $442 - $277.1 -
1970 $387 - - -
1969 $372 - $165.9 -
1968 $300 - $166.9 -
1967 $174.7 - $153.5 -
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/solomon-islands | CC BY

Oman's GDP per capita is $20,285, ranking 57/197, compared to $1,934 in the Solomon Islands, ranking 157/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 55th at $41,740, while the Solomon Islands ranks 183rd at $2,675.

Economic indicators

Oman Solomon Islands
Gross domestic product
$107B
2024
$1.58B
2024
GDP rank
70/197
2024
182/197
2024
GDP growth
1.63%
2023-2024
3%
2023-2024
GDP per capita
$20,285
2024
$1,934
2024
GDP per capita rank
57/197
2024
157/197
2024
GDP per capita, PPP
$41,740
2024
$2,675
2024
GDP per capita PPP rank
55/197
2024
183/197
2024
Government debt
$38B
2024
$350M
2024
Debt-to-GDP ratio
35.5%
2024
22.1%
2024
Government debt per person
$7,204
2024
$427
2024
Government debt per person rank
67/185
2024
169/185
2024
Average annual personal income after taxes
$20,894
2026
$1,776
2026
Market capitalization of domestic companies
$22.3B
2022
n/a
Number of billionaires
2
2025
n/a
Income share by richest 10% n/a
29.2%
2012
Income share by poorest 10% n/a
2.8%
2012
Government expenditure, % of GDP
28.7%
2024
35.8%
2024
Consumer prices inflation
0.6%
2023-2024
4.32%
2023-2024
Central bank interest rate
4.5%
2025
n/a
Unemployment rate
3.3%
2024
0.69%
2013
Population
5761708
863951

Spending and national debt comparison by year

Oman
Spending

Debt
Solomon Islands
Spending

Debt
1x
Year % of GDP
Oman Solomon Islands
Government spending Government debt Government spending Government debt
2024 28.7% 35.5% 35.8% 22.1%
2023 27.5% 37.5% 40.1% 20.3%
2022 30.9% 41.7% 40.8% 15.5%
2021 36.5% 61.9% 37.8% 15.9%
2020 44.5% 67.9% 40.4% 12.8%
2019 38.8% 52.5% 35.6% 7.82%
2018 38.3% 44.7% 34.8% 7.95%
2017 39.4% 40.1% 40.4% 8.77%
2016 44.6% 29.3% 39.6% 7.54%
2015 44.5% 13.9% 41.5% 7.88%
2014 41.4% 4.04% 39.8% 10.1%
2013 39.3% 4.66% 41.8% 11.6%
2012 38.6% 4.59% 29.4% 13.3%
2011 34.5% 4.44% 27% 18.3%
2010 30.6% 5.46% 23.9% 22.9%
2009 33.4% 5.8% 24.8% 18.9%
2008 25.6% 3.2% 27% 28.9%
2007 30.7% 4.44% 23.7% 33%
2006 30.1% 7.56% 19.9% 42.3%
2005 30.6% 8.39% 17% 44.7%
2004 34.1% 14.5% 14.7% 58.2%
2003 34% 13% 14.9% 61.3%
2002 34.1% 15.9% 16.7% 65.7%
2001 33.3% 22.5% 18.1% 52.8%
2000 31.2% 21.7% 18.7% 44.3%
1999 34.2% 28.9% 18.7% 42%
1998 36.1% 30.9% 15.5% 39.5%
1997 32.1% 20.8% 19.3% 25.9%
1996 33.5% 21.2% 24.2% -
1995 38.2% 21.9% 24.7% -
1994 39.7% 23.6% 30.2% -
1993 40.1% 22.2% 33.2% -
1992 40.1% 23.1% 35.1% -
1991 37.4% 22.6% 39.4% -
1990 36.5% 17.8% 30% -

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

GeoRank.org/economy/oman/solomon-islands | CC BY

In 2024, Oman's government spending was $30.7B, accounting for 28.7% of its GDP, while the Solomon Islands spent $567M, or 35.8% of GDP.

Debt-to-GDP ratio is 35.5% in Oman and 22.1% in the Solomon Islands, ranking 145/185 and 173/185, respectively.

Government deficit by year

Deficit/surplus
Oman

Solomon Islands
1x
Year Deficit/surplus, % of GDP
Oman Solomon Islands
2024 3.31% -3.08%
2023 6.87% -3.81%
2022 10.5% -2.51%
2021 -3.17% -1.86%
2020 -15.7% -2.44%
2019 -4.83% -1.52%
2018 -6.72% 1.49%
2017 -10.5% -2.27%
2016 -19.6% -3.56%
2015 -13.5% 0.81%
2014 -1.58% 2.13%
2013 2.78% 3.57%
2012 4.07% 4.63%
2011 8.24% 6.22%
2010 4.95% 6.02%
2009 -0.27% 2.35%
2008 14.7% 1.94%
2007 10.5% 15.3%
2006 12.2% 13%
2005 11.2% 13.4%
2004 5.43% 17%
2003 5.92% 10.6%
2002 5.31% -4.35%
2001 7.55% -2.4%
2000 12.2% -2.93%
1999 0.3% -0.32%
1998 -4.37% 5.04%
1997 4.77% 2.14%
1996 2.22% 3.73%
1995 -3.9% 3.19%
1994 -7.47% 4.33%
1993 -6.84% 2.45%
1992 -4.85% 4.13%
1991 0.12% 0.14%
1990 4.78% 0.58%

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

GeoRank.org/economy/oman/solomon-islands | 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 the Solomon Islands' deficit of $48.8M, or 3.08% of GDP.

Over the past 35 years, Oman recorded a fiscal deficit in 14 of those years, while the Solomon Islands ran a deficit in 12 years. On average, Oman posted an annual surplus equal to 0.99% of GDP, compared to surplus of 2.66% of GDP for the Solomon Islands.

Inflation comparison by year

Inflation
Oman

Solomon Islands
1x
Year Consumer prices inflation
Oman Solomon Islands
2024 0.6% 4.32%
2023 1% 5.89%
2022 2.5% 5.52%
2021 1.7% -0.12%
2020 -0.4% 2.96%
2019 0.5% 1.63%
2018 0.7% 3.46%
2017 1.5% 0.49%
2016 0.9% 0.51%
2015 0.1% -0.57%
2014 1.2% 5.17%
2013 1.3% 5.39%
2012 2.9% 5.91%
2011 4.1% 7.34%
2010 3.3% 1.05%
2009 3.5% 7.09%
2008 12.6% 17.3%
2007 5.9% 7.67%
2006 3.2% 11.2%
2005 1.9% 7.33%
2004 0.8% 6.99%
2003 0.2% 8.27%
2002 -0.3% 10.9%
2001 -0.8% 6.93%
2000 -1.2% 7.89%
1999 0.5% 8.02%
1998 0.4% 12.4%
1997 -0.4% 8.08%

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/solomon-islands | CC BY

Over the past 28 years, Oman has recorded an average annual inflation rate of 1.72%, compared with 6.04% in the Solomon Islands. In 2024, inflation was 0.6% in Oman and 4.32% in the Solomon Islands.

Top exports between countries

Oman
Export category Export value
Solomon Islands
Export category Export value
Animal & marine products $1K

Balance of trade

Oman Solomon Islands
Current account balance
$3.07B
2024
-$66.2M
2024
Current account balance ranking
39/190
2024
87/190
2024
Current account balance, % of GDP
+2.86%
2024
-4.18%
2024
Goods imports
$39.5B
2024
$609M
2024
Goods exports
$65.2B
2024
$510M
2024
Service imports
$12.8B
2024
$248M
2024
Service exports
$5.64B
2024
$133M
2024
Imports of goods and services, % of GDP
48.8%
2024
70.8%
2024
Exports of goods and services, % of GDP
66.1%
2024
40.6%
2024

Economic freedom indices

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

Oman Solomon Islands
Economic freedom 68.5 53.7
Economic freedom ranking 45/197 137/197
Property rights 71.8 55.8
Government integrity 49.4 42.7
Judicial effectiveness 28 59.1
Tax burden 97.6 71.3
Government spending 74.7 54.6
Fiscal health 97.5 83.3
Business freedom 67.8 52.3
Labor freedom 47.7 60.4
Monetary freedom 79.2 76.5
Trade freedom 78.4 43.6
Investment freedom 70 15
Financial freedom 60 30

Economic freedom comparison by year

Oman
Solomon Islands
1x
Year Economic freedom index
Oman Solomon Islands
2026 68.5 53.7
2025 65.4 56.3
2024 62.9 55
2023 58.5 56.9
2022 56.6 56.5
2021 64.6 56.5
2020 63.6 52.9
2019 61 54.6
2018 61 57.5
2017 62.1 55
2016 67.1 47
2015 66.7 47
2014 67.4 46.2
2013 68.1 45
2012 67.9 46.2
2011 69.8 45.9
2010 67.7 42.9
2009 67 46
2008 67.3 -
2007 65.8 -
2006 63.7 -
2005 66.5 -
2004 66.9 -
2003 64.6 -
2002 64 -
2001 67.7 -
2000 64.1 -
1999 64.9 -
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/solomon-islands | CC BY

The Economic Freedom Index for Oman is 68.5, ranking 45/197, compared to 53.7 for the Solomon Islands, ranking 137/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Oman Solomon Islands
Services, % of GDP
46%
2024
46.9%
2024
Industry, % of GDP
54.2%
2024
23.4%
2024
Agriculture, forestry, and fishing, % of GDP
2.6%
2024
29.7%
2024
GNI, Atlas method
$103B
2024
$1.57B
2024
GNI per capita, PPP
$39,340
2024
$2,680
2024
Total reserves including gold
$18.3B
2024
$688M
2023
Total reserves ranking
64/177
2024
149/177
2023
Net foreign direct investment
-$12.6B
2024
$19.9M
2024
Net inflows of foreign direct investment
$12.5B
2024
$33M
2024
Net outflows of foreign direct investment
-$143M
2024
$52.9M
2024
Servicing debt to the IMF, % of GNI n/a
1.64%
2024
Poverty at national poverty lines n/a
12.7%
2012
Gross capital formation, % of GDP
24.8%
2024
19.5%
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/oman/solomon-islands | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  6. LivingCost (2026, retrieved 2025-10-14)
  7. TradeMap (2018, retrieved 2026-02-08)

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.

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.