Muscat, Revenues of the Sultanate’s government rose by 23.2 percent to RO 4,091.9 million for the first five months of 2018, over the same period of last year, thanks to a major recovery in oil prices.
As a result of a growth in oil prices, the net oil revenue of the Sultanate’s government surged by 34.8 percent to RO 2,382.1 million during January-May period of 2018, against RO 1,766.7 million for the same period of last year, according to data released by the National Centre for Statistics and Information (NCSI).
Revenues from natural gas grew by 17.4 percent to RO 682.60 million while customs duty and corporate income tax contributed RO 88.50 million and RO 352.30 million respectively during the same period. In addition, capital revenues shot up to RO 75.4 percent during the first five months of 2018, registering a growth of 1008.8 percent over the same period of last year.
As far as expenditures are concerned, total government expenditure increased by 6.1 percent to RO 4,836.0 million for the first five months between January and May 2018. This is against an expenditure of RO 4,557.5 million for the same period of last year, NCSI report added.
Of this, current expenditure rose by 12.5 percent to RO 3,575.6 million while investment expenditure grew by 1.1 percent to RO 1,070.8 million in the first five months of 2018, NCSI report showed. The participation and support fell by 40.6 percent during the first five months of this year at RO 189.60 million, from RO 319.2 million for the same period of last year.
Further, the Sultanate’s fiscal deficit for January-May period of 2018 plunged by 46.2 percent to RO 1,095.0 million, from as high as RO 2,035.4 million for the same period of last year, mainly due to a rise in oil revenues in the aftermath of a major recovery in crude oil prices in the international markets.
Source: Oman News Agency