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FINANCIAL NEWS
Oman- Budget posts USD7.29m actual surplus in Jan-Oct 2012
02 Jan 2013
(MENAFN) Oman’s Ministry of National Economy announced that in the January-October period of 2012, the budget’s actual fiscal surplus soared by around 238 percent from a year before to USD7.29 million, reported Emirates 24/7.
The ministry attributed the significant increase to higher crude prices and output, which enhanced the Sultanate’s revenue by more than 25 percent.
It added that oil export proceeds jumped 21.8 percent in the 10-month period to around USD22.53 billion, compared with USD18.49 billion, driven by a surge in crude prices and a rise in the country’s oil output to 912,000 barrels per day (bpd) from 884,000 bpd.
Oman’s total actual revenue grew by around 25.9 percent to USD30.32 billion from nearly USD24.08 billion.
The ministry noted that gas revenue surged by 39.1 percent from USD2.39 billion to USD3.33 billion.
Meanwhile, actual public spending reached USD23.05 billion, posting a rise of 28.1 percent from the USD17.98 billion recorded a year earlier, whereas current expenditure climbed by 33.1 percent and capital expenditure fell by almost 7.4 percent.
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