Oman's state budget records nearly 30 percent increase in revenue

Muscat: There has been a 30 percent increase in revenue as compared to the predictions made by Oman's State Budget for 2018, the Ministry of Finance has reported.

The ministry recently issued a decision over the publication of the final account of the state for the fiscal year 2018, where the statement indicated that the total revenues amounted to OMR10.94 billion compared to OMR8.51 billion in 2017.

Net oil revenues were the highest at OMR 6.53 billion, followed by current revenues of OMR 2.23 billion and gas revenues of OMR 2.03 billion.

According to the ministry, the total public expenditure projected in the 2018 budget was OMR12.5 billion, but the amount increased to a total of OMR13.59 billion in 2018 compared to OMR12.27 billion in the previous year.

The budget deficit was OMR 2.64 billion in 2018 compared to 3.75 billion 2017.