Muscat, The Sultanate's budget deficit fell 5.6% to RO 1,929.4 million till the end of October 2019. The budget deficit for the same period of 2018 was at RO 2,043.5 million, according to the latest data released by the National Centre for Statistics and Information (NCSI).
The total revenue of Oman government fell 1.1% to RO 8,602.2 million for the first 10 months of 2019, over the same period of the previous year.
The net oil revenue of Oman government fell 7.6% to RO 4,971.3 million at the end of October 2019, from RO 5,377.3 million for the same period of the previous year, the report added. Revenue from natural gas dropped 8.9% to RO 1,436.2 million, while customs duty and corporate income tax contributed RO 182.5 million and RO 593 million, respectively, during the period.
In addition, capital revenue fell to RO 62.9 million during the 10 months of 2019, falling 46.9% over the same period of 2018.
As far as expenditures are concerned, total public expenditure fell 1.9% to RO 10,531.6 million till October 2019. This is against an expenditure of RO 10,737.8 million for the same period of 2018. Of this, current expenditure rose by 0.4% to RO 7,350.3 million, while investment expenditure fell by 5.8% to RO 1,987.3 million till October 2019.
The participation and support dropped by 16.3% to RO 560.5 million at the end of October 2019 from RO 669.6 million for the same period of 2018.
Oman government's total public expenditure in 2018 stood at RO 13,599.2 million, with a total revenue of RO 10,949.6 million, leaving a deficit of RO 2,649.6 million.
Source: Oman News Agency