State’s public revenue reaches OMR9.8 billion by October end

Muscat: The State’s Public Revenue at the end of October 2023 amounted to OMR9,800 million, down by 17 percent when compared to OMR 11,862 million registered over the same period in 2022, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

The State’s General Budget registered a surplus of OMR830 million by the end of October 2023, compared to a surplus of OMR1,208 million achieved over the same period in 2022.

The bulletin indicated that at the end of October 2023, net oil revenue amounted to OMR 5,446 million, down by 12 percent when compared to OMR6,193 million registered over the same period in 2022. The average oil price amounted to USD 81 per barrel while average oil production reached to 1,053,000 barrels per day.

Net gas revenue at the end of October 2023 amounted to OMR1,734 million, comprising a decrease by 43% when compared to OMR 3,051 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 Integrated Gas Company.

By the end of October 2023, current revenue registered OMR 2,608 million, up by OMR14 million when compared to an amount of OMR 2,594 million collected over the same period in 2022.

Further, public spending amounted to OMR 8,970 million by the end of October 2023, constituting a fall by OMR 1,684 million, i.e. 16 percent compared to actual spending over the same period in 2022.

At the end of October 2023, current expenditure amounted to OMR6,872 million, down by OMR 1,007 million when compared to an amount of OMR7,879 million registered over the same period in 2022.

This is mainly due to the removal of gas purchase and transport expenses from the State’s General Budget, which were transferred to Integrated Gas Company.

As far as development expenditure of civil ministries and government units is concerned, the amount reached OMR770 million by the end of October 2023, representing 86% of total development spending, i.e. OMR900 million, allocated for 2023.

By the end of October 2023, the total of contributions and other expenses amounted to OMR1,278 million, down by 16 percent when compared to an amount of OMR1,527 million registered over the same period in 2022.

The electricity sector subsidy and oil product subsidy amounted to OMR408 million and OMR 236 million, respectively. Furthermore, an amount of OMR333 million was transferred to future debt obligations budget-item.