Oman posts $1.09b budget surplus in Q1

23 May 2010

(MENAFN) A report issued by the Omani Ministry of Economy showed that the Sultanate?s spending has reached $4.09 billion and revenues were $5.18 billion during the first quarter of 2010, leaving a surplus of $1.09 billion, Reuters reported

The surplus is compared to a deficit of about $43.1 million in the first quarter of 2009, according to the report.

The surplus was achieved as a result of a sharp rise in the Gulf country’s oil revenues, which more than doubled to $3.7 billion in the first quarter of this year from nearly $1.84 billion in the first quarter of 2009.

The report noted that there was an increase in expenditures, including current spending, involving salaries to civil servants, government purchases and other items, defense and national security, and civil ministries.

In contrast with most Arab oil producers, Oman has increased its crude output over the past months as it is not a member of the 12-nation Organization of Petroleum Exporting Countries (Opec).

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