Falling hydrocarbon proceeds and rising spending cut Oman’s state budget surplus by 62% y/y to OMR234mn ($608mn) in the first eleven months of 2014, the statistics office said.
Total revenue fell 2.5% y/y to OMR12.47bn over the period whereas spending increased 14.2% y/y to OMR11.14bn. Net oil revenue dropped 3.2% y/y to OMR9.44bn (77% of the total) while gas revenue shrank 6.9% y/y to OMR1.24bn. Corporate tax income, however, remains strong amid developing non-oil sector, rising 7.3% y/y to OMR409mn in January-November.
Current spending climbed 21% y/y to OMR7.03bn during the period while capital spending increased 10.2% y/y to OMR2.67bn.
The “Actual expenditures under settlement” under the finance ministry’s methodology more than halved y/y to OMR1.1bn in January-November.
NOTE: Oman’s finance ministry is using the terminology “Actual expenditures under settlement” which sum is deducted from the total, or gross, budget surplus.
Oman’s state budget recorded a OMR267.4mn surplus in 2013, according to final finance ministry data. Total revenue reached OMR14.22bn and spending stood at OMR13.94bn.
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