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Oman, Economy

Omanis, traditional crafts, GDP, Oil production, job growth

Before the discovery and exploitation of oil and natural gas in the mid-1960s, Omanís economy consisted mostly of agriculture, fishing, and traditional crafts such as boatmaking. Today, while Omanís economy maintains a largely traditional sector based on agriculture, it also has a rapidly growing modern sector based on oil. Oil production in the mid-1990s accounted for almost half the countryís gross domestic product (GDP), which measures the total value of goods and services produced. In 1998 GDP was $15 billion. The government controls the oil and gas sector and therefore dominates the economy. Unemployment is just over 5 percent, but this figure is expected to grow as large numbers of young people enter the workforce. To counter unemployment, the government has encouraged job growth in the private sector and the replacement of foreign workers with Omanis. The total salaried workforce in 1993 was 670,275 and 64 percent of the workforce was non-Omani. Despite its large contribution to the economy, the oil and gas sector employs only 2 percent of the workforce. By contrast, agriculture makes up 40 percent of the workforce; government services, 24 percent; social and personal services, 18 percent; and manufacturing, construction, and other jobs, 16 percent.

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Article key phrases:

Omanis, traditional crafts, GDP, Oil production, job growth, government services, personal services, natural gas, gas sector, discovery, contrast, figure, fishing, percent, private sector, agriculture, construction, manufacturing, jobs

 
 

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