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Oman’s fiscal shortfall to enlarge at 12 percent of GDP

20 May 2016

(MENAFN) Oman’s very high economic dependence on gas sector is going to add pressure to the public finance in 2016-17, although it has an ongoing robust economic growth, based on reports.

Meanwhile, the country’s fiscal deficit is forecasted to expand at around 12pct of GDP from this year onwards, as hydrocarbon-related government income drops by more than 40pct this year.

Moreover, driven by the pressure on the oil and gas sector, GDP improvement will slow to around 3 percent over 2015-16, a decline from the 4.9 percent average amid 2005-14.

However, Oman’s high local savings and healthy banking sector will continue to bring stable funding for the government, therefore liquidity risk is unlikely to notably affect government debt sustainability.

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