(MENAFN- Muscat Daily) The sultanate posted a budget surplus of RO250mn for the first six months of 2014 against a surplus of RO95.3mn in the corresponding period of last year statistics released by the National Centre for Statistics and Information (NCSI) showed.
The government's total revenue increased by 1.7 per cent to RO7.19bn from RO7.07bn in the six-month period of 2013 amid a marginal decline in net oil revenue which came in at R O 5 . 2 8 b n against RO5.29bn a year ago.
Oil and gas together accounted for 83 per cent of total revenue. Oman's total oil exports dropped 5.2 per cent to 143.87mn barrels in the first six months of 2014 despite one per cent rise in oil production at 170.8mn barrels.
The average price at which Oman sold its crude oil decreased 1.1 per cent to US$105.4 per barrel from US$106.6 per barrel. Oman's total public expenditure jumped by 12.5 per cent to RO6.19bn while actual expenditure under settlement stood at RO750mn the statistics showed.
Of total expenditure current expenditure surged 17.5 per cent to RO3.97bn while investment expenditure increased 7.4 per cent to RO1.39bn. The biggest jump was seen in the expenditure of civil ministers rising by 24.4 per cent to RO1.97bn from a year ago.
Civil ministries' development expenditure also rose 11.9 per cent to RO805mn. Oman's state budget for 2014 estimated public expenditure of RO13.5bn and revenues of RO11.7bn leaving the government with an estimated budget deficit of RO1.8bn. The budgeted revenues are based on an average oil price of US$85 per barrel.
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