Oman's public revenues reach OMR8.8 billion by 3Q 2023

Muscat: State’s Public revenues amounted to OMR8.886 billion till the end of the 3rd quarter of 2023, compared to OMR10.567 billion during the corresponding period in 2022, constituting a drop by 16%, according to the Financial Performance Bulletin issued by the Ministry of Finance.

Net oil revenue amounted to OMR4.838 billion by the end of the 3rd quarter of 2023 going down by 10% when compared to OMR 5.361 billion registered by the end of the 3rd quarter of 2022. This is attributed to the decrease of average oil prices by the end of the third quarter of 2023 to reach $81 per barrel compared to $94 per barrel during the same period in 2022.

As at the end of the 3rd quarter of 2023, net gas revenue amounted to OMR 1.583 billion, down by 42% when compared to OMR 2.741 billion registered over the same period in 2022. Current revenue by the end of the 3rd quarter of 2023 slightly increased to reach OMR2.454 billion compared to OMR 2.450 billion registered over the same period in 2022.

By the end of the 3rd quarter of 2023, public spending amounted to OMR 8.095 billion, down by OMR 1.349 billion, i.e. 14% compared to actual spending over the same period in 2022.

Current expenditure till the end of the 3rd quarter of 2023 amounted to OMR 6.177 billion compared to OMR7.070 billion during the corresponding period in 2022, down by 13%. Development expenditure of civil ministries reached RO 671 million, representing 75% of total development spending, i.e. OMR 900 million, allocated for 2023.

By the end of the 3rd quarter of 2023, the total of contributions and other expenses amounted to OMR 1.197 billion. The electricity sector subsidy and oil product subsidy amounted to OMR 408 million and OMR 236 million, respectively. Furthermore, an amount of OMR 300 million was transferred to future debt obligations budget-item.

Further, by the end of the 3rd quarter of 2023, the State’s General Budget registered a surplus of OMR 791 million compared to a surplus ofOMR 1.123 billion achieved over the same period in 2022.

Moreover, the Ministry of Finance announced that by the end of the third quarter of 2023, it has paid more than OMR 837 million due for the private sector.