State Budget posts surplus of RO 1.090 billion by end of August 2022

Muscat: The state’s general budget posted a surplus of about RO 1.090 billion by the end of August 2022 compared to a deficit of RO 1.052 billion during the same period in 2021, said the financial performance bulletin issued by the Ministry of Finance.

The bulletin added that the state’s public revenues rose by 47.3 percent until the end of August 2022, registering about RO 9.325 billion, compared to RO 6.331 billion as at the end of August 2021, thanks to the rise in oil and current revenues.

Hydrocarbon revenues (oil and gas) soared by 53.7 percent, recording RO 6.980 billion as at the end of August 2022, compared to the same period in 2021. This increase is driven by the increase in oil and gas prices and production rates.

Total current revenues stood at about RO 2.331 billion, reporting a growth of 32 percent as at the end of August 2022 compared to RO 584 million as revenues collected during the same period in 2021.

Total public spending stood at about RO 8.235 billion, an increase of 11.5 percent over the actual spending during the same period in 2021.

The development expenditures of ministries and civil units stood at about RO 566 million, comprising a rate of 51 percent of the total development liquidity (RO 1.1 billion) allocated for 2022.

Current expenditures stood at about RO 6.286 billion, constituting an increase of 11.7 percent as the end of August 2022 compared to the same period in 2021. This expenditure includes RO 702 million as public debt service payments of interest on loans.

Total contributions and other expenditures rose to about RO 1.150 billion, compared to RO 523 million during the same period in 2021.

The subsidy of petroleum products stood at about RO 498 million as at the end of August 2022, while subsidy of food commodities stood at about RO 11 million in during the same period. The provision for debt repayment amounted to about RO 134 million.