Oman posts RO 1.208 billion budget surplus by Oct 2022

Muscat: The state’s general revenues increased by 42.3 percent until the end of October 2022, to reach about RO 11.862 billion compared to RO 8.333 billion during the same period in 2021, thanks to the increase in oil prices and production rate.

The monthly bulletin issued by the Ministry of Finance indicated that the net hydrocarbon revenues (oil and gas) collected until the end of October 2022 grew by 50.5 percent, to reach about RO 9.244 billion, compared to RO 6.141 billion until the end of October 2021.

This increase is driven by the increase in the average oil price, which amounted to 95 US dollars, in addition to the increase in average production to about 1.056 million barrels per day.

The current revenues collected until the end of October 2022 amounted to about RO 2.594 billion, registering an increase of about 21.8 percent, compared to the collection of RO 2.129 billion in the same period in 2021.

Public spending until the end of October 2022 stood at about RO 10.654 billion, an increase of RO 1.315 billion, constituting 14 percent over the actual spending for the same period in 2021.

The bulletin indicated that the developmental expenditure of ministries and civil units stood at about RO 765 million, comprising an increase of 10 percent compared to the same period in 2021, and constituting a spending rate of 70 percent of the total developmental liquidity allocated for 2022, which stood at RO 1.100 billion.

Current expenditures amounted to about RO 7.879 billion, an increase of 9.5 percent compared to the same period in 2021.

The total contributions and other expenditures rose to about RO 1.527 billion, compared to RO 668 million during the same period in 2021.

Subsidies for petroleum products amounted to about RO 610 million, while for the electricity sector reached about RO 450 million until the end of October 2022. The transfer of the provision for debt repayment amounted to about RO 167 million.

By the end of October 2022, the state’s general budget posted a financial surplus amounting to about RO 1.208 billion, compared to a deficit of RO 1.007 billion in the same period in 2021.

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.