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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)
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