The budget surplus has grown 4.7% to $1.46bn in the first nine months of 2010
state revenues climbed 19.4 percent in the first nine months of 2010 and its
budget surplus widened further, boosted by higher oil prices, according to new
data from the Ministry of Economy released on Wednesday.
small crude producer that is not part of the Organisation of Petroleum
Exporting Countries (OPEC) posted a budget surplus of 563m Omani riyals
($1.46bn) in the first nine months of 2010, up 14.7 percent compared to the
same period last year, the ministry bulletin said.
sultanate had income of 5.8bn riyals ($15bn) from January to September, up from
4.8bn riyals ($12.4bn) in the same period in 2009, the figures showed.
set its 2010 budget with revenues of 6.38bn riyals ($16.5bn) and a deficit of
800m riyals ($2.07bn), based on an average oil price of $50 per barrel.
in the oil-exporting Gulf region have witnessed a higher-than-expected increase
in earnings this year as oil prices have picked up.
sold its oil at an average price of $76.58 per barrel in the nine-month period,
up 47.7 percent from a year earlier.
country also increased total expenditure to 5.2bn riyals ($13.5bn) in the first
nine months of 2010, up seven percent compared to the same period last year.
policymakers use fiscal policy as a key tool to steer the economy as the
country pegs its riyals to the US dollar. Spending on civil projects increased
12.5 percent to 1.6bn riyals ($4.15bn), while defense and security expenditure
rose 3.4 percent to 1.3bn riyals ($3.37bn).
had largely overshot its original expenditure plans in the past two years to
help the economy ride through the global downturn. Inflationary pressures are
on the rise again this year. However, consumer prices in Oman rose 4.2 percent
year-on-year (y-o-y) in September, up from 3.4 percent in August, according to