PHOTO
Oman recorded a budget surplus in January despite an increase in capital spending caused by higher revenue, according to official data.
The total revenues of the non-OPEC Gulf oil producer grew by nearly 3% to 1.014 billion Omani riyals ($2.63 billion) in January from around 982 million riyals ($2.55 billion) in January 2023, the Finance Ministry said in a report published by the official Omani news agency on Friday.
Oil export earnings slipped by about 1% to 595 million riyals ($1.54 billion) while gas revenues dipped by 48% to 135 million riyals ($351 million), the report showed.
Spending increased by about 11% to 929 million riyals ($2.41 billion) in January while capital and development expenditure rose by nearly 2% to 19 million riyals ($49.5 million), the report said, adding that the 2024 budget includes total capital spending of around 900 million $2.3 billion).
The report said the budget recorded a surplus of around 85 million riyals ($221 million) in January, far below the surplus of 145 million riyals ($377 million) in January 2023.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
