Tuesday, July 23, 2024
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Muscat – The Ministry of Finance announced on Monday that the government achieved a budget surplus of RO581mn this year till May, compared to a surplus of RO631mn in the same period last year. Public revenue was RO5.463bn in this period, a 3% increase compared to RO5.325bn in 2022. This growth is primarily attributed to higher net oil revenue and current revenue, constituting 52% and 30% of total public revenue, respectively.

Net oil revenue witnessed a 9% increase to RO2.810bn, compared to RO2.568bn in 2022. This increase is attributed to the average oil price of US$84 per barrel and a rise in average oil production to 1,064,000 barrels per day, the ministry stated. However, net gas revenue declined 26% to RO1.003bn from RO1.356bn in 2022 due to deductions in gas purchase and transport expenses from total revenue collected from Integrated Gas Company.

Current revenue saw a significant 18% growth, totaling RO1.644bn, surpassing the RO1.393bn collected in the same period last year. Public spending increased to RO4.882bn, up 4% or RO188mn compared to the previous year’s spending.

Current expenditure decreased 9% to RO3.365bn, down by RO320mn from RO3.685bn spent in the same period in 2022. Development expenditure by civil ministries accounted for RO289mn, representing 32% of the total development spending allocated for 2023, amounting to RO900mn.

Contributions and other expenses reached RO678mn, a significant 31% increase compared to the RO516mn recorded in 2022. This increase is primarily attributed to the electricity sector and oil product subsidies – totaling RO244mn and RO143mn, respectively. Additionally, RO166mn was transferred to future debt obligations.

According to National Centre for Statistics and Information data released in June, the GDP at constant prices increased 4.7% in Q1 2023 to RO8.7bn compared to RO8.3bn in the same period last year. The value add of oil activities also rose – 3.5% amounting to RO2.8bn – during Q1 2023.

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