Oman’s public revenue grows 4 percent by April 2023

Muscat, The Gulf Observer: The Oman’s public revenue at the end of April 2023 registered RO 4,392 million, up by 4 percent compared to RO 4,217 million over the same period in 2022. This is mainly due to an increase in net oil revenue and current revenue, representing 53% and 27%, respectively, of total public revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

Net oil revenue at the end of April 2023 amounted to RO 2,308 million, up by 12% when compared to RO 2,059 million registered over the same period in 2022. This is driven by an increase in average oil price of $84 per barrel and an increase in average oil production to 1,064,000 barrels per day.

Moreover, net gas revenue at the end of April 2023 amounted to RO 908 million, down by 15% when compared to RO 1,071 million registered over the same period in 2022. This is due to the deduction of gas purchase and transport expenses from total revenue collected from the Integrated Gas Company.

By the end of April 2023, current revenue registered RO 1,172 million, up by 8% when compared to an amount of RO 1,081 million collected over the same period in 2022.

As far as public spending is concerned, it amounted to RO 3,872 million by the end of April 2023, up by RO 123 million, i.e. 3% compared to actual spending over the same period in 2022. This is due to an increase in current expenditure of civil ministries.

Current expenditure at the end of April 2023 amounted to RO 2,674 million, down by RO 269 million, i.e. 9% when compared to an amount of RO 2,943 million registered over the same period in 2022.

Further, by the end of April 2023, development expenditure of civil ministries reached RO 183 million, representing 20% of total development spending, i.e. RO 900 million, allocated for 2023.

Contributions and other expenses by the end of April 2023, amounted to RO 365 million, down by 10% when compared to an amount of RO 405 million registered over the same period in 2022. Oil product subsidy amounted to RO 111 million. Additionally, an amount of RO 133 million was transferred to the future debt obligations budget-item.

The State’s General Budget registered a surplus of RO 520 million by the end of April 2023 compared to a surplus of RO 468 million achieved over the same period in 2022.

The Ministry of Finance affirmed that the government will continue utilizing the surplus for liability management exercise and reducing public debt, enhancing social spending and stimulating economic recovery.