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Economy of Oman vs Zambia compared: GDP & Debt

Updated on by Georank

Oman has a GDP of $110B compared to $28.9B for Zambia, ranking 70/197 and 116/197 by economy size, respectively.

Oman has $39.2B in government debt (35.8% of GDP), compared to $24.8B (86% of GDP) in Zambia.

Oman vs Zambia GDP by year

Oman
Zambia
1x
Year GDP, current $
Oman Zambia
2025 $109,604,780,696 $28,879,806,220
2024 $107,137,198,700 $25,303,185,342
2023 $106,174,707,932 $27,577,956,471
2022 $109,852,795,839 $29,163,782,140
2021 $87,323,797,139 $22,096,416,932
2020 $75,909,492,848 $18,137,764,931
2019 $88,060,858,257 $23,308,667,781
2018 $91,505,851,756 $26,311,507,274
2017 $80,856,697,009 $25,873,601,261
2016 $75,128,738,622 $20,958,412,538
2015 $78,710,793,238 $21,251,216,799
2014 $92,699,089,727 $27,141,023,558
2013 $89,936,020,806 $28,037,239,463
2012 $87,408,842,653 $25,503,060,420
2011 $77,497,529,259 $23,459,515,276
2010 $64,993,498,049 $20,265,559,484
2009 $55,454,096,229 $15,328,342,304
2008 $69,804,681,404 $17,910,858,638
2007 $48,300,390,117 $14,056,957,976
2006 $42,577,633,290 $12,756,858,899
2005 $35,506,892,068 $8,331,870,169
2004 $28,378,933,680 $6,221,110,219
2003 $24,733,680,104 $4,901,869,764
2002 $23,065,539,662 $4,193,850,445
2001 $22,205,721,717 $4,094,441,301
2000 $22,259,557,867 $3,600,632,111
1999 $17,832,769,831 $3,404,284,891
1998 $16,044,213,264 $3,537,741,942
1997 $18,039,791,938 $4,303,288,480
1996 $17,402,080,624 $3,597,220,962
1995 $15,722,236,671 $3,806,983,413
1994 $14,715,214,564 $3,656,806,166
1993 $14,230,429,129 $3,273,505,344
1992 $14,183,615,085 $3,182,810,841
1991 $12,918,335,501 $3,376,806,697
1990 $13,310,273,082 $3,288,381,797
1989 $9,372,171,651 $3,994,673,161
1988 $8,386,215,865 $3,728,878,149
1987 $7,811,183,095 $2,265,250,972
1986 $7,324,167,369 $1,664,413,508
1985 $10,005,645,420 $2,252,454,500
1984 $8,821,443,151 $2,719,518,933
1983 $7,932,541,691 $3,321,048,451
1982 $7,554,719,456 $3,871,117,093
1981 $7,259,120,151 $4,008,126,497
1980 $5,981,760,278 $3,884,530,854
1979 $3,733,352,635 $3,353,445,378
1978 $2,740,301,390 $2,811,032,473
1977 $2,741,169,948 $2,515,296,940
1976 $2,560,220,035 $2,742,859,263
1975 $2,096,699,189 $2,442,672,141
1974 $1,645,917,776 $2,910,981,262
1973 $483,066,991 $2,434,255,237
1972 $366,883,548 $1,872,416,680
1971 $301,010,587 $1,653,259,341
1970 $256,319,795 $1,788,779,285
1969 $239,999,808 $1,926,399,230
1968 $188,879,849 $1,573,739,371
1967 $107,151,832 $1,340,639,464
1966 $67,759,973 $1,238,999,505
1965 $63,279,975 $1,061,199,576
1964 $61,872,526 $822,639,671
1963 $59,912,763 $704,339,719
1962 $56,273,202 $679,279,729
1961 $45,634,487 $682,359,727
1960 $44,234,656 $698,739,721

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

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

GDP per capita in Oman vs Zambia by year

Oman
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Oman Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $19,947 - $1,318 -
2024 $20,285 $41,740 $1,187 $4,215
2023 $21,028 $41,945 $1,331 $4,077
2022 $23,224 $42,616 $1,447 $3,841
2021 $19,403 $38,719 $1,127 $3,503
2020 $16,785 $35,163 $952 $3,157
2019 $19,180 $37,251 $1,259 $3,361
2018 $19,902 $37,780 $1,464 $3,442
2017 $17,820 $33,619 $1,483 $3,392
2016 $17,110 $33,334 $1,239 $3,313
2015 $18,808 $36,058 $1,296 $3,337
2014 $23,161 $44,236 $1,707 $3,441
2013 $23,458 $47,013 $1,821 $3,477
2012 $24,642 $49,989 $1,710 $3,324
2011 $25,188 $52,393 $1,625 $3,228
2010 $23,570 $55,667 $1,451 $3,098
2009 $20,656 $55,127 $1,136 $2,872
2008 $26,577 $52,841 $1,376 $2,708
2007 $18,793 $48,627 $1,119 $2,555
2006 $16,931 $46,091 $1,052 $2,378
2005 $14,435 $43,673 $711 $2,213
2004 $11,801 $42,142 $549 $2,068
2003 $10,464 $40,935 $446 $1,942
2002 $9,869 $41,511 $394 $1,837
2001 $9,612 $41,679 $397 $1,785
2000 $9,754 $39,443 $359 $1,709
1999 $7,915 $36,792 $350 $1,654
1998 $7,219 $36,666 $373 $1,601
1997 $8,235 $36,809 $466 $1,631
1996 $8,068 $34,661 $400 $1,585
1995 $7,414 $33,598 $433 $1,501
1994 $7,068 $31,925 $426 $1,464
1993 $7,039 $30,987 $391 $1,607
1992 $7,318 $29,773 $389 $1,505
1991 $6,977 $28,109 $423 $1,534
1990 $7,546 $26,904 $422 $1,522
1989 $5,591 - $526 -
1988 $5,279 - $504 -
1987 $5,204 - $315 -
1986 $5,182 - $238.2 -
1985 $7,549 - $332 -
1984 $7,070 - $413 -
1983 $6,714 - $520 -
1982 $6,759 - $627 -
1981 $6,866 - $670 -
1980 $5,974 - $669 -
1979 $3,934 - $595 -
1978 $3,044 - $514 -
1977 $3,205 - $474 -
1976 $3,143 - $533 -
1975 $2,692 - $490 -
1974 $2,203 - $601 -
1973 $670 - $518 -
1972 $524 - $410 -
1971 $442 - $372 -
1970 $387 - $414 -
1969 $372 - $459 -
1968 $300 - $387 -
1967 $174.7 - $341 -
1966 $113.2 - $325 -
1965 $108.1 - $287.4 -
1964 $108.1 - $230 -
1963 $106.8 - $203.2 -
1962 $102.3 - $202.3 -
1961 $84.5 - $209.7 -
1960 $83.4 - $221.6 -

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

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

Oman's GDP per capita is $19,947, ranking 60/197, compared to $1,318 in Zambia, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 55th at $41,740, while Zambia ranks 166th at $4,215.

Economic indicators

Oman Zambia
Gross domestic product
$110B
2025
$28.9B
2025
GDP rank
70/197
2025
116/197
2025
GDP growth
2.4%
2024-2025
3.76%
2024-2025
GDP per capita
$19,947
2025
$1,318
2025
GDP per capita rank
60/197
2025
170/197
2025
GDP per capita, PPP
$41,740
2024
$4,215
2024
GDP per capita PPP rank
55/197
2024
166/197
2024
Government debt
$39.2B
2025
$24.8B
2025
Debt-to-GDP ratio
35.8%
2025
86%
2025
Government debt per person
$7,132
2025
$1,133
2025
Government debt per person rank
70/185
2025
140/185
2025
Average annual personal income after taxes
$19,851
2026
$1,538
2026
Market capitalization of domestic companies
$41.3B
2025
$14.9B
2025
Number of billionaires
2
2026
n/a
Income share by richest 10% n/a
39.1%
2022
Income share by poorest 10% n/a
1.5%
2022
Government expenditure, % of GDP
28.9%
2025
29.7%
2025
Consumer prices inflation
1%
2024-2025
13.9%
2024-2025
Central bank interest rate
4.5%
2025
13.3%
2026
Unemployment rate
3.3%
2024
5.67%
2024
Population
5775345
22844606

Spending and national debt comparison by year

Oman
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Oman Zambia
Government spending Government debt Government spending Government debt
2025 28.9% 35.8% 29.7% 86%
2024 28.7% 35.5% 26.5% 125.2%
2023 27.5% 37.4% 27.4% 129.1%
2022 31.1% 41.7% 28.2% 99.5%
2021 36.5% 61.9% 30.5% 111%
2020 44.5% 67.9% 34% 140%
2019 38.8% 52.5% 29.8% 103.3%
2018 38.3% 44.7% 27.7% 81.2%
2017 39.4% 40.1% 25% 66.6%
2016 44.6% 29.3% 23.9% 61.2%
2015 44.5% 13.9% 27.6% 61.9%
2014 41.4% 4.04% 24.3% 33.9%
2013 39.3% 4.66% 24% 25.9%
2012 38.6% 4.59% 21.9% 24.9%
2011 34.5% 4.44% 19.5% 20.8%
2010 30.6% 5.46% 18.1% 18.9%
2009 33.4% 5.8% 17.8% 20.5%
2008 25.6% 3.2% 19.5% 19.2%
2007 30.7% 4.44% 19.9% 21.9%
2006 30.1% 7.56% 19.7% 25%
2005 30.6% 8.39% 22.5% 75.7%
2004 34.1% 14.5% 23.3% 129.9%
2003 34% 13% 27.3% 159.5%
2002 34.1% 15.9% 27.6% 180.2%
2001 33.3% 22.5% 28% 210.2%
2000 31.2% 21.7% 21.4% 261%
1999 34.2% 28.9% - -
1998 36.1% 30.9% - -
1997 32.1% 20.8% - -
1996 33.5% 21.2% - -
1995 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 (1990–2025, retrieved 2026-07-08).

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

In 2025, Oman's government spending was $31.7B, accounting for 28.9% of its GDP, while Zambia spent $8.58B, or 29.7% of GDP.

Debt-to-GDP ratio is 35.8% in Oman and 86% in Zambia, ranking 142/185 and 35/185, respectively.

Government deficit by year

Deficit/surplus
Oman

Zambia
1x
Year Deficit/surplus, % of GDP
Oman Zambia
2025 1.04% -3.83%
2024 3.22% -3.46%
2023 6.72% -5.48%
2022 10.3% -7.82%
2021 -3.17% -8.13%
2020 -15.7% -13.8%
2019 -4.83% -9.41%
2018 -6.72% -8.31%
2017 -10.5% -7.5%
2016 -19.6% -5.69%
2015 -13.5% -8.88%
2014 -1.58% -5.43%
2013 2.78% -6.4%
2012 4.07% -3.16%
2011 8.24% -1.78%
2010 4.95% -2.43%
2009 -0.27% -2.06%
2008 14.7% -0.67%
2007 10.5% -1.04%
2006 12.2% 16.9%
2005 11.2% -2.37%
2004 5.43% -2.51%
2003 5.92% -5.31%
2002 5.31% -4.5%
2001 7.55% -5.89%
2000 12.2% 1.16%
1999 0.3% -
1998 -4.37% -
1997 4.77% -
1996 2.22% -
1995 -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 (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/oman/zambia | 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 Zambia's deficit of $1.11B, or 3.83% of GDP.

Over the past 26 years, Oman recorded a fiscal deficit in 9 of those years, while Zambia ran a deficit in 24 years. On average, Oman posted an annual surplus equal to 1.94% of GDP, compared to deficit of 4.14% of GDP for Zambia.

Inflation comparison by year

Inflation
Oman

Zambia
1x
Year Consumer prices inflation
Oman Zambia
2025 1% 13.9%
2024 0.6% 15%
2023 1% 10.9%
2022 2.5% 11%
2021 1.7% 22%
2020 -0.4% 15.7%
2019 0.5% 9.2%
2018 0.7% 7.5%
2017 1.5% 6.6%
2016 0.9% 17.9%
2015 0.1% 10.1%
2014 1.2% 7.8%
2013 1.3% 7%
2012 2.9% 6.6%
2011 4.1% 8.7%
2010 3.3% 8.5%
2009 3.5% 13.4%
2008 12.6% 12.4%
2007 5.9% 10.7%
2006 3.2% 9%
2005 1.9% 18.3%
2004 0.8% 18%
2003 0.2% 21.4%
2002 -0.3% 22.2%
2001 -0.8% 21.4%
2000 -1.2% 24.1%
1999 0.5% 23.9%
1998 0.4% 22.7%
1997 -0.4% 21.4%

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

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

Over the past 29 years, Oman has recorded an average annual inflation rate of 1.7%, compared with 14.4% in Zambia. In 2025, inflation was 1% in Oman and 13.9% in Zambia.

Top exports between countries

Oman
Export category Export value
Chemicals & pharma $110K
Textiles & consumer goods $34K
Animal & marine products $29K
Machinery & equipment $17K
Metals $1K
Miscellaneous $1K
Zambia
Export category Export value
Processed food, beverages & tobacco $1.2M
Metals $804K
Raw materials & minerals $44K
Textiles & consumer goods $5K
Miscellaneous $2K

Balance of trade

Oman Zambia
Current account balance
$3.07B
2024
-$1.12B
2024
Current account balance ranking
37/190
2024
121/190
2024
Current account balance, % of GDP
+2.86%
2024
-4.41%
2024
Goods imports
$39.5B
2024
$10.1B
2024
Goods exports
$65.2B
2024
$11.4B
2024
Service imports
$12.8B
2024
$1.99B
2024
Service exports
$5.64B
2024
$1.38B
2024
Imports of goods and services, % of GDP
48.8%
2024
27.6%
2024
Exports of goods and services, % of GDP
66.1%
2024
35%
2024

Economic freedom indices

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

Oman Zambia
Economic freedom 68.5 51.9
Economic freedom ranking 45/197 152/197
Property rights 71.8 43.9
Government integrity 49.4 39.3
Judicial effectiveness 28 45
Tax burden 97.6 74.3
Government spending 74.7 78.1
Fiscal health 97.5 30.9
Business freedom 67.8 53.4
Labor freedom 47.7 48.8
Monetary freedom 79.2 66.6
Trade freedom 78.4 62.8
Investment freedom 70 40
Financial freedom 60 40

Economic freedom comparison by year

Oman
Zambia
1x
Year Economic freedom index
Oman Zambia
2026 68.5 51.9
2025 65.4 50.9
2024 62.9 48.4
2023 58.5 47.8
2022 56.6 48.7
2021 64.6 50.4
2020 63.6 53.5
2019 61 53.6
2018 61 54.3
2017 62.1 55.8
2016 67.1 58.8
2015 66.7 58.7
2014 67.4 60.4
2013 68.1 58.7
2012 67.9 58.3
2011 69.8 59.7
2010 67.7 58
2009 67 56.6
2008 67.3 56.2
2007 65.8 56.2
2006 63.7 56.8
2005 66.5 55
2004 66.9 54.9
2003 64.6 55.3
2002 64 59.6
2001 67.7 59.5
2000 64.1 62.8
1999 64.9 64.2
1998 64.9 62.7
1997 64.5 62.1
1996 65.4 59.6
1995 70.2 55.1

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

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

The Economic Freedom Index for Oman is 68.5, ranking 45/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Oman Zambia
Services, % of GDP
47.2%
2025
57%
2025
Industry, % of GDP
52.7%
2025
35.3%
2025
Agriculture, forestry, and fishing, % of GDP
2.81%
2025
4.11%
2025
GNI, Atlas method
$103B
2024
$26.2B
2025
GNI per capita, PPP
$39,390
2024
$3,990
2025
Total reserves including gold
$18.3B
2024
$4.09B
2024
Total reserves ranking
68/177
2024
111/177
2024
Net foreign direct investment
-$12.6B
2024
-$2.05B
2024
Net inflows of foreign direct investment
$12.5B
2024
$2.36B
2024
Net outflows of foreign direct investment
-$143M
2024
$311M
2024
Servicing debt to the IMF, % of GNI n/a
17.3%
2024
Poverty at national poverty lines n/a
60%
2022
Gross capital formation, % of GDP
24.8%
2024
23.8%
2024

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/zambia | 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 (2020–2024, 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.

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.