Oman’s to­tal rev­enue soars by 24% to OMR6.67 bil­lion

The bud­get deficit fell 34 per cent to OMR1.83 bil­lion dur­ing the Jan­uary-Au­gust pe­riod of 2018 due to an in­crease in gov­ern­ment rev­enues driven by high oil in­come.

Times of Oman - - MARKET -

MUS­CAT: The to­tal rev­enue of the Sul­tanate’s gov­ern­ment surged 24.4 per cent to OMR6.67 bil­lion for the first eight months of 2018, over the same pe­riod last year due to a ma­jor re­cov­ery in oil prices, showed pro­vi­sional statis­tics re­leased by the Na­tional Cen­tre for Statis­tics and In­for­ma­tion (NCSI).

The bud­get deficit fell 34 per cent to OMR1.83 bil­lion dur­ing the Jan­uary-Au­gust pe­riod of 2018 due to an in­crease in gov­ern­ment rev­enues driven by high oil in­come. The bud­get deficit for the same pe­riod of 2017 was much higher at OMR2.77 bil­lion.

Net oil rev­enue

As a re­sult of a growth in oil prices, the net oil rev­enue of the Sul­tanate’s gov­ern­ment jumped by 35.8 per cent to OMR4.01 bil­lion dur­ing the Jan­uary-Au­gust pe­riod of 2018, from OMR2.96 bil­lion for the same pe­riod of last year, the NCSI re­port added.

Rev­enues from nat­u­ral gas rose by 25 per cent to OMR1.19 bil­lion, while cus­toms duty and cor­po­rate in­come tax con­trib­uted OMR154.1 mil­lion and OMR403 mil­lion, re­spec­tively, dur­ing the pe­riod.

In ad­di­tion, cap­i­tal rev­enue shot up to OMR115.5 mil­lion dur­ing the first eight months of 2018, reg­is­ter­ing a growth of 870.6 per cent over the same pe­riod last year. As far as ex­pen­di­tures were con­cerned, to­tal pub­lic ex­pen­di­ture in­creased by 8.5 per cent to OMR7.96 bil­lion for the first eight months be­tween Jan­uary and Au­gust 2018. This is against an ex­pen­di­ture of OMR7.34 bil­lion for the same pe­riod last year, showed the NCSI re­port.

Of this, cur­rent ex­pen­di­ture rose by 11 per cent to OMR5,807.1 mil­lion, while in­vest­ment ex­pen­di­ture fell by 2.5 per cent to OMR1.71 bil­lion in the first eight months of 2018, the NCSI re­port added.

Mean­while, the par­tic­i­pa­tion and sup­port surged by 26.9 per cent dur­ing the Jan­uary-Au­gust pe­riod of this year to OMR445.5 mil­lion, from OMR351 mil­lion for the same pe­riod of last year. The gov­ern­ment’s pub­lic ex­pen­di­ture in 2017 stood at OMR12.27 bil­lion, with a to­tal rev­enue of OMR8.51 bil­lion, leav­ing a deficit of OMR3.75 bil­lion.

— ONA

RO­BUST GROWTH: As a re­sult of a growth in oil prices, the net oil rev­enue of the Sul­tanate’s gov­ern­ment jumped by 35.8 per cent to OMR4.01 bil­lion dur­ing the Jan­uary-Au­gust pe­riod of 2018.

— Sup­plied pic­ture

SKILL DE­VEL­OP­MENT: The batch of trainees will in­clude 350 high school cer­tifi­cate hold­ers (grades 10-12) and 250 uni­ver­sity de­gree hold­ers.

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