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OMAN'S ECONOMIC PROFILE The Sultanate of Oman has had extraordinary economic development since 2004, primarily due to the exploitation of its oil reserves. However, growth rates declined in 2019 to 0.5% as oil production remains capped by the OPEC production cut agreement, and also because of the slowdown in household consumption. As percentage of GDP, net exports account to roughly 12%. Oman has a relatively healthy economic and financial situation. Its government debt (estimated at 38.9% in 2019) is small compared to its gold and foreign currency reserves, although is expected to grow in the coming years. As of 2019. government expenditures as a part of GDP accounts to 24.9% (The World Bank, 2021). Oman Private Consumption contribution to GDP has an average share of 40.6% (CEIC, 2020). The industrial sector accounts for 46.7% of GDP and employs 36.1% of the workforce (World Bank). Its share has increased considerably in the last two decades (employment in industries was as low as 11% in 2000) as Oman increasingly uses enhanced oil recovery techniques and supports mining and manufacturing. The country is heavily dependent on oil and gas resources, which generate between and 68% and 85% of government revenue on average, depending on fluctuations in commodity prices. Overall, 23.25 percent of the Sultanate's economy is attributed to gross fixed capital formation (Trading Economics, 2021). The services sector accounts for 47% of GDP and 59.1% of the workforce (down from 82.4% in 2000). Oil- related activities comprise a significant share of the services sector; however, logistics (maritime transport in particular) and financial activities are growing steadily. Tourism is one of the sectors being developed in order for the Sultanate to build a sustainable non-oil future, and the number of tourists has more than doubled in the last decade (3.2 million in 2018, according to the National Centre for Statistics and Information). Prior to the discovery of oil fields, Oman was virtually a subsistence economy that was entirely based on agriculture and fisheries. Nowadays, the latter contributes only marginally to GDP (2.2%) and employs 4.6% of the workforce (The Heritage Foundation, 2020). TASKS: After reading the case study, do the following tasks 1. Using at least two methods to calculate GDP, describe what comprises Oman's economy. Make sure to use the information above in writing what makes up Oman's GDP. (5 marks) 2. Can the Sultanate rely on agriculture to grow its economy? Justify your answer. (2.5 marks) 3. What will happen to Oman's GDP if government expenditure is reduced? Explain your answer. (2.5 marks)