Oman’s bud­get deficit for first 5 months nar­rows by 20% on higher oil in­come

Muscat Daily - - BUSINESS -

Oman’s bud­get deficit de­creased by 20 per cent in the first five months of 2017, mainly due to higher oil rev­enues as crude prices re­mained sig­nif­i­cantly up dur­ing the Jan­uary to May pe­riod against the same pe­riod of last year.

The sul­tanate’s bud­get short­fall for Jan­uary – May pe­riod of 2017 dropped to RO2.03bn com­pared with RO2.54bn deficit in the same pe­riod a year ago, ac­cord­ing to sta­tis­tics is­sued by the Na­tional Cen­tre for Sta­tis­tics and In­for­ma­tion (NCSI).

The gov­ern­ment’s to­tal rev­enue in the first five months this year rose 19.2 per cent to RO3.32bn. Helped by higher oil prices com­pared to last year, net oil rev­enue rose 37.3 per cent to RO1.76bn from RO1.28bn a year ago. Gas rev­enue was up 6.5 per cent to RO581.5mn from RO546.2mn last year.

Oman’s 2017 bud­get is based on an oil price as­sump­tion of US$45 per bar­rel for the year. The av­er­age price at which Oman sold its crude stood at US$51.6 a bar­rel dur­ing the first five months of 2017, which is 51 per cent higher from av­er­age oil price of US$34.2 a bar­rel in the same pe­riod of 2016, the NCSI sta­tis­tics showed.

How­ever, Oman’s daily av­er­age oil pro­duc­tion de­creased by 2.9 per cent to 968,800 bar­rels in the first five months of 2017 against 997,900 bar­rels a day in the same pe­riod of 2016.

Rev­enue from cor­po­rate in­come tax de­creased by 11.1 per cent to RO284.4mn in Jan­uaryMay pe­riod of 2017 com­pared with RO319.8mn in the same pe­riod a year ago, while other rev­enues rose 33.8 per cent to RO601.5mn from RO450mn last year.

The sul­tanate’s to­tal pub­lic ex­pen­di­ture in­creased by 2.9 per cent to RO4.55bn in the first five months of 2017. The in­crease in to­tal ex­pen­di­ture was mainly due to a 8.2 per cent rise cur­rent ex­pen­di­ture which stood at RO3.18bn in the first five months of 2017, while in­vest­ment ex­pen­di­ture dropped by 16.2 per cent to RO1.05bn.

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