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Oman's economy relies heavily on oil production. The petroleum sector accounts for around 87 percent of budget revenues, 51 percent of GDP and 60 percent of total exports. However, as oil reserved have been shrinking in recent years the government has embarked on a process of economic diversification focused on development of tourism and gas based industries. Content for - Oman GDP Annual Growth Rate - was last refreshed on Thursday, July 2, 2015.