Oman’s deficit shrinks to RO 1.2 bn by July ‘21

BUSINESS REPORTER

Oman’s fiscal deficit shrank 22.2 per cent to RO 1,205.9 million for the first seven months of this year, aided by a modest uptick in public revenue over the same period, the Ministry of Economy stated in its latest monthly bulletin.

This compares with a deficit of RO 1,550.2 million for the corresponding period of 2020, underscoring the success of various reforms and cost-cutting measures to rein in both the budget deficit and public debt.

Revenue totalled RO 5,214.2 million over the January – July period of 2021, up from 5,188.6 million for the corresponding period of 2020, the Ministry said. The export price of Omani crude averaged $54 per barrel this year versus $52.4 per barrel during the corresponding period of last year.

However, Oman’s crude production slipped 2 per cent to 954K this year in keeping with OPEC+ mandated output curbs, down from 974K over the first seven months of last year. Public spending declined 4.7 per cent to RO 6,420.1 million this year, down from RO 6,738.8 million over the corresponding period of 2020, the Ministry added.