25 per cent increase in gross revenues

MUSCAT: Public expenditure for the state’s public finance as of the end of July 2017 decreased 2.7 per cent to remain at RO 6,486.9 million as against RO 6,663.8 million during the same period of 2016.
The gross revenues by the end of July 2017 recorded a rise of 25.7 per cent to reach RO 4,701.5 million as against RO 3,740.5 million in the same period last year.
The National Centre for Statistics and Information (NCSI) said the deficit at the public finance by the end of July 2017 stood at RO 2,585.4 million, a 35.7 per cent decrease as against RO 4,023.3 million in July 2016.
The surplus, after calculating the financing means, stood at RO 2,320.1 million, a 193 per cent as against RO 791.8 million. Out of the total financing means used by the Sultanate, which stood at RO 4,905.5 million as of the end of July 2017, the net borrowing stood at RO 4,105.5 million.
The new local borrowing stood at RO 300 million and finance from reserves RO 500 million.
The increase in the state’s public revenues as of the end of July 2017 has been attributed to the increase in oil revenues by 43 per cent to reach RO 2,564.7 million as against RO 1,794.1 million.
Gas revenues increased by 6.9 per cent to hit RO 832.6 million as against RO 778.9 million.
Capital revenues increased by 9.7 per cent to reach RO 10.2 million as against RO 9.3 million.
Tax and customs revenues decreased by 35.9 per cent to touch RO 117.4 million as against RO 183.1 million.

Corporate income tax decreased by 7.3 per cent to reach RO 307.4 million as against RO 331.5 million. Other revenues grew by 35.1 per cent to RO 869.2 million compared with RO 643.6 million. As for the general expenditure, the current expenditure dominated the total expenditure as of the end of July 2017 with RO 4,529.5 million, a decline of 0.8 per cent compared with RO 4,566.7 million.
Defence and security expenses decreased 0.1 per cent to reach RO 1,901.7 million.
Expenses by civil ministries decreased by 4 per cent to touch RO 2,194.6 million.
The interest on loans have been the highest in terms of growth compared with other items of the current expenditure at the public expenditure. It increased by 185.8 per cent to reach RO 125.2 million. — ONA