Budget deficit at RO 1,095m

MUSCAT: Reflecting the significant surge in oil prices in addition to fiscal consolidation efforts that begun in 2015, the budget deficit witnessed a marked decline reaching RO 1,095 million during January-May 2018, compared with RO 2,035.4 million during the same period last year. Further, the rise in oil prices reflected positively on current account balance. The inflationary conditions in Oman generally remained benign with the average annual inflation based on CPI for the Sultanate during January-May 2018 at 0.4 per cent. The oil prices made gains and the price of Omani crude averaged $63 a barrel during January-May as against $51.6 a barrel during the same period last year.