Oman projects $21b expenditure in 2011 budget

02 Dec 2010

(MENAFN) Oman’s Ministry of Economy projects record expenditure of $21.12 billion for the 2011 budget, up 13.2 percent from the previous year, Reuters reported.

The sultanate forecast a budget deficit of $2.08 billion this year, but analysts expected the shortfall to be comfortably wiped out.

Revenues for 2011 were estimated at $19 billion from $16.6 billion for the current year.

The 2011 budget was estimated with an expected oil price of $58 per barrel, $8 more than in 2010, with average daily production of 896,000 barrels, 3 percent higher than 2010.

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