(MENAFN) Oman's budget deficit for the first five months of this year surged to USD3.88 billion, compared to a surplus of USD602.54 million for the same period of 2014 due to a plunge in oil prices.
The figure was against the government's target of USD6.46 deficit for the full year of 2015, data released recently by the National Centre for Statistics and Information (NCSI) showed.
The government's total revenue dipped by 36.2 percent to USD9.83 billion for the first five months, from USD15.63 billion for the same period of 2014, mainly on account of a drastic fall in oil revenue.
As far as government spending is concerned, public expenditure declined by 5 percent to USD12.41 billion for the first five months of 2015, from USD13 billion for the same period last year.
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