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FINANCIAL NEWS
Oman’s public spending drops 5 percent in 5M
09 Aug 2015
(MENAFN) Omani government’s public expenditure declined in the period between January-May by 5 percent as a result of reasoning in dealing with drop in oil revenue, official data showed.
Public expenditure stood at USD12.4 billion in the first five months of 2015 compared to USD5.9 billion in the same period of 2014, the National Centre for Statistics and Information (NCSI) said.
Average price of Oman crude oil barrel leapt by 43 percent during the first six months to reach USD59.3, compared to a recorded USD103.23 in 2014, and so the total revenue declined to USD9.8 billion in these six months from USD15.5 billion in last year.
On the bright side, the investment expenditure for oil and gas production sectors stood at USD1.2 billion with USD800 million for oil production as opposed to USD771 million during the first half of 2014, a growth of 3.7 percent.
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