Oman government's budget deficit plunged 36.1 percent to OMR1,916.6 million during January-September period of 2018 due to a surge in government revenue driven by high oil income. The budget deficit for the same period of 2017 was much higher at OMR3,000.3 million, according to the latest data released by the Centre .
The total revenue of Oman government surged 29.9 percent to OMR7,754.1 million for the first nine 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 Oman government jumped by 44 percent to OMR4,761.5 million during January-September period of 2018, from OMR3,305.7 million for the same period of last year, the NCSI report added. Revenue from natural gas was up by 26.2 percent to OMR1,381.3 million, while customs duty and corporate income tax contributed OMR173.2 million and OMR415.5 million, respectively, during the period.
In addition, capital revenue shot up to OMR117 million during the first nine months of 2018, registering a growth of 786.4 percent over the same period of last year. As far as expenditures are concerned, total public expenditure increased by 7.8 percent to OMR9,092.5 million for the first nine months of 2018. This is against an expenditure of OMR8,431.4 million for the same period of last year, shows NCSI report. Of this, current expenditure rose by 9.5 percent to OMR6,622.6 million, while investment expenditure fell by 5.8 percent to OMR1,910.8 million in the first nine months of 2018, added the NCSI report. The participation and support surged by 57.6 percent during January-September period of this year to OMR559.1 million, from OMR354.8 million for the same period of last year.
Oman government's total public expenditure in 2017 stood at OMR12,273.7 million, with a total revenue of OMR8,514.1 million, leaving a deficit of OMR3,759.6 million.