Oman’s budget swings to $840mn gap in October on sinking revenue

By bne IntelliNews December 15, 2015

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Xlinks warns cost of Morocco-UK Power Project could rise some 25% to reach $30bn

UK renewable energy producer Xlinks, noting significant upward pressure on the cost of all energy projects, has warned that construction of the Morocco-UK Power Project could reach $27bn to $30bn, up ... more

Morocco in talks with investors to build EV battery gigafactories, says minister

The Moroccan government is in extensive talks to attract more electric vehicle (EV) battery manufacturers to support its growing automotive sector and meet soaring demand, industry and trade minister ... more

UAE’s Masdar, Uzbekhydroenergo partner up to evaluate potential of national hydro power storage

United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    7 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    10 days ago
  4. The models are wrong, climate change is accelerating faster than predicted
    2 days ago
  5. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    28 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    30 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    17 days ago

Reports

Dismiss