Total revenues hit RO 8.5bn, deficit at RO 3.7bn in 2017

Muscat, Sept 30 - The actual total revenues of fiscal 2017 stood at RO 8.5 billion against the RO 8.7 billion approved by budget. Oil revenues amounted to RO 4.6 billion compared with the budget figure of RO 4.4 billion. Gas revenues amounted to RO 1.5 billion, down RO 0.1 billion from the RO 1.6 billion approved in the budget. According to the final accounts of the state budget for fiscal 2017 published by the Ministry of Finance on Sunday, current revenues stood at RO 2.1 billion while capital revenues amounted to RO 130.4 million.

The actual total expenditure in 2017 reached RO 12.2 billion up from an estimated RO 11.7 billion. The increase was the result of additional allocations for covering new requirements which emerged during the implementation of the budget in addition to an increase in the current expenditure registering RO 8.9 billion against an estimated RO 8.5 billion. Investment spending stood at RO 2.7 billion compared with a budget figure of RO 2.6 billion.

With the increase in expenditure, the actual budget deficit in 2017 registered RO 3.7 billion, exceeding the estimated figure of just RO 3 billion. The deficit was financed through domestic and external borrowing and withdrawing from the reserve. Detailing the current revenues of 2017, the total revenues from taxes and fees stood at RO 1.1 billion, down from the budget estimation of RO 1.4 billion. Of these, corporate income taxes amounted to RO 366.4 million, fees on recruitment of foreign workers (RO 257.7 million), customs duties (RO 261.9 million), among others.

Sarhan al Mehrzi