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FINANCIAL NEWS
Oman posts 213% hike in Jan-Sep budget surplus
23 Nov 2012
(MENAFN) Oman’s Ministry of National Economy announced that the country’s budget surplus soared by 213 percent in the January-September period to USD7.71 billion from USD2.39 billion in 2011’s same period, reported Emirates 24/7.
The ministry said that earnings from oil exports, which jumped by 27 percent to USD20 billion, were the main factor behind the increase in actual surplus.
The Sultanate’s oil output grew to 910,000 barrels per day (bpd) in the 9-month period from 883,000 bpd a year ago.
The country’s actual public spending surged by around 32.5 percent, reaching around USD20.82 billion, compared with almost USD15.71 billion.
It is worth noting that Oman’s total actual revenue increased by 31.6 percent to USD28.32 billion from about USD21.51 billion, as the price of Omani crude grew to an average of USD115 per barrel from USD98.
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