Thursday 26 / December / 2024
Muscat: The State's General Budget registered a surplus of RO 656 million by the end of the first half of 2023, compared to a surplus of RO 784 million achieved over the same period in 2022.
According to the Fiscal Performance Bulletin issued by the Ministry of Finance, public revenue of the State Budget at the end of the first half of 2023 amounted to RO 6,342 million, down by 6% compared to RO 6,725 million registered over the same period in 2022.
At the end of the first half of 2023, net oil revenue amounted to RO 3,257 million, up by 2% when compared to RO 3,187 million registered over the same period in 2022. The average oil prices amounted to USD 83 per barrel while average oil production reached 1,061,000 barrels per day.
Net gas revenue at the end of the first half of 2023 amounted to RO 1,115 million, comprising a decline by 36% compared to RO 1,729 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.
Current revenue amounted to RO 1,962 million by the end of the first half of 2023, going up by 9% compared to RO 1,796 million collected over the same period in 2022.
Moreover, by the end of the first half of 2023, public spending amounted to RO 5,686 million, constituting a drop by RO 255 million, i.e. 4% compared to actual spending over the same period in 2022.
At the end of the first half of 2023, current expenditure amounted to RO 4,078 million, down by RO 472 million, i.e. 10% when compared to an amount of RO 4,550 million registered over the same period in 2022.
Development expenditure of civil ministries and government units by the end of the first half of 2023 reached RO 383 million, representing 43% of total development spending, i.e. RO 900 million, allocated for 2023.
By the end of the first half of 2023, total contributions and other expenses amounted to RO 775 million, decreasing by 10% when compared to an amount of RO 863 million registered over the same period in 2022. The oil production subsidy and transport sector subsidy amounted to RO 155 million and RO 54 million, respectively. Furthermore, an amount of RO 200 million was transferred to future debt obligations budget-item.
The Ministry of Finance by the end of the first half of 2023 repaid more than RO 507 million to the private sector. This reflects the payment vouchers received through the e-financial system, and which have completed the documentary cycle.
The Ministry of Finance also repaid more than RO 1.5 billion against public debt by the end of the first half of 2023, reducing the total public debt to RO 16.3 billion. By the end of the first half 2023, the Ministry did not withdraw from reserves as planned, as a result of generating additional revenue.
