Muscat: The state's General Budget registered a surplus of OMR551.2 million by the end May 2014 against a deficit of OMR71.6 million during the same period in 2013, according to the National Centre for Statistics and Information (NCSI) data.
The total surplus recorded by the end of May was OMR582.9 million against a deficit of OMR110.4 million over the same period last year.
Public Sector revenues
The report also revealed that Public Sector revenues grew by 0.5 per cent at the end of May 2014, standing at OMR6.04 billion, when compared to the end of May 2013 figure of OMR6.01 billion.
Over the same period, net oil revenue declined to OMR4.3 billion, compared to OMR4.5 billion over the same period in 2013 representing a decline of 2.6 per cent. Gas revenue also declined to OMR594.3 million, against OMR605.9 million over the same period in 2013, representing a year-on-year fall of 1.9 per cent.
Meanwhile, revenues from Customs Duties reported a drop of 9.4 per cent, registering total revenue of OMR57.8 million by the end of May 2014 compared to OMR63.8 million registered during the same period in 2013. Corporate Income Tax by the end of May 2014 grew to OMR362.1 million in comparison to the end of May 2013 total of OMR313.1 million, representing a growth of 15.6 per cent.
Meanwhile, capital revenues witnessed a significant drop of 45.5 per cent, registering a total of OMR 5.4 million by the end of May 2014 when compared to OMR9.9 million during the same period in 2013. Over the same period, revenue recorded from other sources registered a growth of 21.2 per cent with a total of OMR689.4 million at the end of May 2014 against the May-end 2013 total of OMR568.9 million.
Furthermore, total public sector spending registered an increase of eight per cent by the end of May 2014 from OMR4.7 billion recorded by the end of May 2013 to OMR5.1 billion.
The main reason of the increase in the public sector spending is attributed to the 12 per cent increase of current expenditure from OMR2.9 billion registered by the end of May 2013 to OMR 3.2 billion during the same period in 2014. Investment expenditures also registered a growth of 5.6 per cent with a total of OMR 1.12 billion by the end of May 2014 when compared with OMR 1.1 billion during the same period in 2013. The public sector spending on Participation and Support recorded a decline of 4.3 per cent from a total of OMR741.1 million by the end of May 2013 to OMR709.3 million by the end of May 2014.