State general budget posts surplus of RO 1.090 bn by end of August 2022
Published: 03:10 PM,Oct 12,2022 | EDITED : 09:10 PM,Oct 13,2022
Muscat: The state’s general budget posted a surplus of about RO 1.090 billion by the end of August 2022 compared to a deficit of RO 1.052 billion during the same period in 2021, said the financial performance bulletin issued by the Ministry of Finance.
The bulletin added that the state’s public revenues rose by 47.3 per cent until the end of August 2022, registering about RO 9.325 billion, compared to RO 6.331 billion as at the end of August 2021, thanks to the rise in oil and current revenues.
Hydrocarbon revenues (oil and gas) soared by 53.7 per cent, recording RO 6.980 billion as at the end of August 2022, compared to the same period in 2021. This increase is driven by the increase in oil and gas prices and production rates.
Total current revenues stood at about RO 2.331 billion, reporting a growth of 32 per cent as at the end of August 2022 compared to RO 584 million as revenues collected during the same period in 2021.
Total public spending stood at about RO 8.235 billion, an increase of 11.5 per cent over the actual spending during the same period in 2021.
The development expenditures of ministries and civil units stood at about RO 566 million, comprising a rate of 51 per cent of the total development liquidity (RO 1.1 billion) allocated for 2022.
Current expenditures stood at about RO 6.286 billion, constituting an increase of 11.7 per cent as the end of August 2022 compared to the same period in 2021. This expenditure includes RO 702 million as public debt service payments of interest on loans.
The bulletin added that the state’s public revenues rose by 47.3 per cent until the end of August 2022, registering about RO 9.325 billion, compared to RO 6.331 billion as at the end of August 2021, thanks to the rise in oil and current revenues.
Hydrocarbon revenues (oil and gas) soared by 53.7 per cent, recording RO 6.980 billion as at the end of August 2022, compared to the same period in 2021. This increase is driven by the increase in oil and gas prices and production rates.
Total current revenues stood at about RO 2.331 billion, reporting a growth of 32 per cent as at the end of August 2022 compared to RO 584 million as revenues collected during the same period in 2021.
Total public spending stood at about RO 8.235 billion, an increase of 11.5 per cent over the actual spending during the same period in 2021.
The development expenditures of ministries and civil units stood at about RO 566 million, comprising a rate of 51 per cent of the total development liquidity (RO 1.1 billion) allocated for 2022.
Current expenditures stood at about RO 6.286 billion, constituting an increase of 11.7 per cent as the end of August 2022 compared to the same period in 2021. This expenditure includes RO 702 million as public debt service payments of interest on loans.