Oman’s State Budget deficit down by 63%

Muscat: In a major change, the State Budget deficit dropped significantly by a hefty 62.9 percent to OMR1 billion and 6.5 million by the end of October 2021, compared to OMR2 billion and 713.7 million during the corresponding period in 2020.

The monthly bulletin issued by the Ministry of Finance showed that total general revenues as at the end of October 2021 posted an increase of 28.1 percent and stood at OMR8 billion and 332.7 million, compared to OMR6 billion and 502.8 million during the corresponding period in 2020.

This was due to the recovery of oil prices, coupled with a rise in demand for fuel, with oil prices averaging $58.89 by the end of October 2021 and leading to 35.4 percent increase in oil revenues to around OMR4 billion and 443.3 million. Meanwhile, gas revenues also soared by 50.6 percent and posted OMR1 billion and 697.9 million.

The Ministry pointed out that current revenues also rose by 40.8 percent by the end of October 2021 to OMR2 billion and 128.9 million, compared to OMR1 billion and 512.5 million during the corresponding period in 2020.

The bulletin indicated that public spending maintained a moderate rate, standing at OMR9 billion and 339.2 million as against OMR9 billion and