Plummeting oil income pushed Oman’s state budget into a OMR323mn ($840mn) deficit in October, swinging from an OMR54mn surplus the year before, amid high base effects, the statistics office reported.
Total revenue shank 33% y/y to OMR691mn whereas spending grew 3% y/y to OMR1.014bn in October.
Oman is set to record fiscal and current account deficits over the next four years, compared with surpluses in the previous four years on lower income and higher spending. Oman is selling sovereign bonds to bridge the expected budget gap.
Net oil proceeds dropped 48% y/y to OMR435mn in October, equalling to 63% of total state revenue.
Current spending jumped 25% y/y to OMR590mn in October, accounting for 58% of the total. Capital spending also climbed 22% y/y to OMR295mn amid government efforts to spur economic growth and the non-hydrocarbons sector.
Actual expenditures under settlement halved y/y to OMR50mn in October.
NOTE: Oman’s finance ministry is using the terminology “Actual expenditures under settlement” which sum is deducted from the total, or gross, budget surplus.
Related Articles
Egypt and Russia finalise key agreements for Dabaa Nuclear Power Plant
Egypt has signed an agreement with Russia’s Rosatom to secure the nuclear fuel supply for Unit 1 of the Dabaa Nuclear Power Plant, Al Ahram reported on November 19. Officials said the agreement ... more
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
23 days ago
-
India’s smart metering push gains momentum
4 months ago