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Oman Revenues up at RO 1.85bn

Middle East : 13 May 2012

Source: Oman Daily Observer

The state’s general revenues increased by 30.8 per cent by the end of February this year, registering RO 1.85 billion as compared to RO 1.42 billion during the corresponding period last year, according to statistics released by the department concerned (at the Ministry of National Economy).

The state revenues received strong backing from a major hike in oil prices in recent months, with net oil revenues standing 43.4 per cent higher at RO 1.54 billion as against RO 1.07 billion in the corresponding period in 2011. The gas revenues soared 23.6 per cent to RO 205 million during the same period this year.

While the statistics registered the great increase in oil and gas revenues, there was no mention of figures on customs tariffs or income tariffs. The statistics also indicate that capital revenues declined by 27.3 per cent to RO 1.6 million, while revenues from other sources decreased by almost 30 per cent to RO 112 million.

The January-February budget balance indicates a surplus of RO 756 million, compared to a deficit of RO 85 million in the same period. General spending increased by 7.7 per cent during the stated period to RO 1.09 billion, while total current expenditures rose by 16 per cent to RO 792.5 million. Investment expenditures declined by 17.5 per cent, while subsidy stood at RO 58 million, registering an increase of 44.5 per cent during the same period in 2011.

Meanwhile, despite adverse global developments, the Omani economy continued to sustain the growth momentum in 2011, mainly driven by high crude oil prices in the international markets and monetary and fiscal policies. Gross Domestic Product (GDP) at current prices increased by 22.7 per cent to RO 27,945.4 million in 2011 from RO 22,773 million in 2010. While nominal GDP emanating from the petroleum sector posted a growth of 36.3 per cent, the non-petroleum sector GDP rose by 11.4 per cent in 2011. The average rate of inflation stood modestly higher at 4 per cent compared to 3.3 per cent a year ago.

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