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FINANCIAL NEWS
Oman’s Q1 deficit up on growing spending
15 Aug 2011
(MENAFN) Oman’s ministry of economy said that although the country’s revenue surged in the first quarter, Oman’s fiscal deficit rose as a result of growing spending, reported Emirates 24/7.
The ministry added that in the first quarter of 2011, actual surplus reached USD659 million from a real surplus of USD1.09 billion in last year’s first quarter, moreover, the country’s public expenditure grew from USD4.09 billion in 2010 to USD4.46 billion in the first quarter.
It also said that the country’s oil output surged to 880,000 barrels per day (bpd) from around 860,000 bpd in the same quarter a year ago, whereas oil revenue in the period went up by 22 percent from USD3.69 billion in 2010 to USD4.52 billion.
It is worth noting that Oman’s revenue in the quarter reached USD5.98 billion compared with USD5.17 billion in 2010’s first quarter.
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