FINANCIAL NEWS

Rising oil prices improve Oman’s budget surplus

14 Jun 2010

(MENAFN) The Omani economy ministry has stated that the Sultanate’s budget surplus has expanded to $1.85 billion in the first four months of 2010, compared with $262 million a year earlier, thanks to rising oil prices, Gulf News reported.

Oman has witnessed a rise in revenues reaching $7.63 billion last year as well as the same regarding the expenditures reaching $5.78 billion in 2009.

The net proceeds of Oman were doubled to $ 5.16 billion compared to $2.59 billion in January-April 2009.

Analysts polled by Reuters forecasted the Sultanate to achieve a surplus of 3.8 percent of gross domestic product (GDP) in 2010.

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