The Sultanate's general revenues amounted to RO 8.754 billion, an increase of 38.4 per cent as at end of July this year compared to RO 6.326 billion during the same period last year. With oil prices stabilizing above $100 per barrel in the past months, oil and gas revenue soared by 34 per cent to reach RO 6.374 billion year-on-year after setting aside a portion of the revenues to the reserve funds. The corresponding period of 2011 saw a total revenue of RO 4.757 billion.
With oil prices stabilizing above $100 per barrel in the past months, oil and gas revenue soared by 34 per cent to reach RO 6.374 billion
Revenues from gas sales recorded RO 985 million, up from the RO 597 million accrued in the same period a year earlier. The monthly statistics issued by the National Centre for Statistics (NCS) showed that the Sultanate's general spending soared by 43.8 per cent, recording RO 6.712 billion at the end of July compared to RO 4.668 billion for the corresponding period last year sending the budget surplus of the first eight months of the year to RO 2.122 billion while the same period of 2011 saw a surplus of RO 440 million.
Last year Oman achieved a budget surplus of RO 1.1 billion
Last year the Oman crude oil was sold at an average price of $102 per barrel against $58 per barrel set in 2011 State Budget, enabling the Sultanate to achieve a budget surplus of RO 1.1 billion. NCS figures showed that running expenses rose by 44 per cent to RO 3.939 billion, while spending on investment declined by 14 per cent and amounted to RO 1.401 billion. Subsidies and contributions provided by the government rose to RO 1.371 billion.
Meanwhile, the Sultanate ranked in the top 20 most economically free countries in world, according to the 2012 Economic Freedom of the World Report released yesterday by the Fraser Institute, a leading Canadian public policy think-tank. The annual Economic Freedom of the World Report is the premier measurement of economic freedom, using 42 distinct variables to generate an index ranking countries around the world based on policies that encourage economic freedom.
Oman Daily Observer