Oman budget swings to $1.1b surplus in Q1

17 May 2010

(MENAFN) Oman’s Ministry of Economy announced that the Sultanate’s budget swung to a surplus of $1.09 billion in the first quarter of the year, boosted by higher oil prices during the three-month period, Reuters reported.

Higher oil prices will help boost economic recovery in most oil exporting states, which are expected to run comfortable budget surpluses and continue to increase spending this year.

Oman booked a deficit of $43.1 million in the same period a year earlier and a gap of $59.5 million in the two months to the end of February.

The country’s revenue climbed 47.9 percent to $5.18 billion in the first quarter from a year-earlier corresponding period, while expenditures were up 15.3 percent at $4.08 billion, according to the ministry.

It is worth mentioning that Oman based its budget for 29010 on a projected oil price of $50 a barrel and expected a deficit of $2.077 billion given plans to finance a range of infrastructure projects.

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