Insurance and financial services in Oman
Oman: Insurance and financial services was 1.5% in 2024. ◆ Volatile
Insurance and financial services in Oman, 1996–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Oman recorded 1.5% for insurance and financial services in 2024.
The figure is down 2.4% on the previous year and down 16.3% over ten years.
Over the whole period, insurance and financial services in Oman peaked at 13.6% in 2006 and was at its lowest, 0.4%, in 2004.
Oman ranks 119th of 190 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Oman, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1996 | 1.1% | — |
| 1997 | 2.2% | +103.6% |
| 1998 | 2.1% | -4.2% |
| 1999 | 2.1% | -2.7% |
| 2000 | 2.8% | +35.1% |
| 2001 | 0.4% | -84.7% |
| 2002 | 0.4% | +0.0% |
| 2003 | 0.4% | -7.5% |
| 2004 | 0.4% | -11.0% |
| 2005 | 0.6% | +56.8% |
| 2006 | 13.6% | +2347.7% |
| 2007 | 1.5% | -89.2% |
| 2008 | 2.3% | +55.2% |
| 2009 | 1.8% | -19.7% |
| 2010 | 2.2% | +18.1% |
| 2011 | 1.8% | -16.2% |
| 2012 | 1.8% | +1.0% |
| 2013 | 1.7% | -4.9% |
| 2014 | 1.8% | +3.0% |
| 2015 | 1.5% | -17.8% |
| 2016 | 1.4% | -3.0% |
| 2017 | 1.3% | -11.6% |
| 2018 | 1.2% | -7.6% |
| 2019 | 1.2% | +2.2% |
| 2020 | 2.5% | +110.1% |
| 2021 | 3.4% | +34.6% |
| 2022 | 2.4% | -27.9% |
| 2023 | 1.5% | -36.9% |
| 2024 | 1.5% | -2.4% |
Oman compared with similar countries
- Oman's 1.5% is below the median for high income countries, which is 5.3%, 28% of the median. (69 countries reporting)
- Oman's 1.5% is below the median for Middle East, North Africa, Afghanistan & Pakistan, which is 2.4%, 62% of the median. (20 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Oman changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2006 | +2347.7% | 0.6% | 13.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.9% | 1.1% | 2.2% | 4 |
| 2000s | 2.4% | 0.4% | 13.6% | 10 |
| 2010s | 1.6% | 1.2% | 2.2% | 10 |
| 2020s | 2.3% | 1.5% | 3.4% | 5 |
Countries ranked near Oman
More economy & growth data for Oman
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.93 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.18 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -142.78 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0013 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -27.03 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 12.47 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -0.6369 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.1164 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 2,360 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 4.77 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Oman?
- Insurance and financial services in Oman was 1.5% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Oman?
- The highest recorded value was 13.6% in 2006.
- What is the lowest insurance and financial services recorded in Oman?
- The lowest recorded value was 0.4% in 2004.
- How does Oman rank for insurance and financial services?
- Oman ranks 119th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Oman?
- Over the last ten years it is down 16.3%. The long-run trend across the full record is volatile.
- Where does this Oman data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.