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Sat 2 Jan 2010 09:28 AM

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Oman spending seen rising in 2010

Oman's budgeted government spending expected to rise 12 percent to OR7.18bn ($18.7bn) in 2010.

Oman's budgeted government spending is expected to rise 12 percent to OR7.18bn ($18.7bn) in 2010, its state news agency said on Friday, with expected revenues of OR6.38bn.

The agency said the forecast revenues were based on a projected oil price of $50 a barrel, and compared to 5.614 billion rials in 2009, it said, adding that details of the 2010 budget were due to be announced on Saturday.

The sultanate had forecast a budget deficit of 810 million rials for 2009 based on an oil price of $45 per barrel. It sold its oil at an average price of $51.85 a barrel in January to September, the economy ministry's data showed.

Oman also produced an average of 806,000 barrels per day in the first nine months of this year, 7.5 percent more than in the same period last year.

The International Monetary Fund predicted Oman's economy would grow 4.1 percent in real terms in 2009 after a 7.8 percent expansion in 2008. (Reuters)

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