Oman’s public revenue at the end of April 2023 registered OR4.39bn ($11.4bn), up by 4 per cent compared to OR4.22bn ($10.9bn) over the same period in 2022.
This is mainly due to an increase in net oil revenue and current revenue, representing 53 per cent and 27 per cent, 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 OR2.31bn ($6.15bn), up by 12 per cent when compared to OR2.06bn registered over the same period in 2022.
Oman budget
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 OR908m ($2bn), down by 15 per cent when compared to O1.071bn ($2.8bn) 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, Oman’s current revenue registered OR1.172bn, up by 8 per cent when compared to an amount of OR1.08bn collected over the same period in 2022.
As far as public spending is concerned, it amounted to OR3.872bn ($10bn) by the end of April 2023, up by OR123m, or 3 per cent compared to actual spending over the same period in 2022.
This is due to an increase in current expenditure of civil ministries in Oman.
Current expenditure at the end of April 2023 amounted to OR2.674bn, down by OR269 million, i.e. 9 per cent when compared to an amount of OR2.943bn registered over the same period in 2022.
By the end of April 2023, development expenditure of civil ministries reached OR183m, representing 20 per cent of total development spending, i.e. OR900m, allocated for 2023.
Contributions and other expenses by the end of April 2023, amounted to OR365m, down by 10 per cent when compared to an amount of OR405m registered over the same period in 2022.
Oil product subsidy amounted to OR111m.
Additionally, an amount of OR133m was transferred to the future debt obligations budget-item.
Oman’s general budget registered a surplus of OR520m ($1.3bn) by the end of April 2023 compared to a surplus of OR468m ($1.2bn) achieved over the same period in 2022.
The Ministry of Finance said that the government will continue utilising the surplus for liability management exercise and reducing public debt, enhancing social spending and stimulating economic recovery.
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