Public revenue rises 52.3% by April 2022

Muscat: The public revenue by the end of April 2022 amounted to RO 4.217 billion, comprising a surge by 52.3%.

The increase is attributed mainly to a rise in oil revenue, driven by improved oil prices and higher oil production. At the end of April 2022, oil revenue amounted to RO 3.310 billion, up by 74.3% compared to RO 1.796 billion reported over the same period in 2021.

At the end of April 2022, public spending amounted to RO 3.749 billion, constituting an increase by RO 152 million (4.2%) compared to the same period in 2021.

The development expenditure of civil ministries and government units amounted to RO 252 million, representing 23% of total development expenditure of RO 1.100 billion allocated for 2022. Current expenditure of civil ministries and government units reached a total of RO 1.278 billion, remaining at the same level as at the end of April 2021.

The Ministry of Finance affirmed that the surplus will be utilized to strengthen economic recovery by increasing spending on priority development projects and reducing public debt.