Oman’s 2012 budget deficit at 5.4% of GDP

24 Nov 2011

(MENAFN) Oman’s finance ministry said that since the government would boost spending by 10 percent to create new jobs, the country’s 2012 budget deficit would grow to 5.4 percent of gross domestic product (GDP) reaching USD3.1 billion, reported Arabian Business.

The ministry added that expenditure in 2012 would be forecasted to reach USD25.89 billion, whereas revenue would be expected to reach USD22.79 billion.

It also said that the government’s 2012 budget was based on an average oil price forecast of USD75 per barrel, and on a forecasted daily oil output of 920,000 barrels, however, the budget would still need the approval of Sultan Qaboos.

It is worth noting that the International Monetary Fund (IMF) forecasts Oman’s debt to GDP for 2011 to be at 4 percent, recording the lowest rate in the Gulf.

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