Muscat: The state’s general revenues increased by 42.3 per cent until the end of October 2022, to reach about RO 11.862 billion compared to RO 8.333 billion during the same period in 2021, thanks to the increase in oil prices and production rate.
The monthly bulletin issued by the Ministry of Finance indicated that the net hydrocarbon revenues (oil and gas) collected until the end of October 2022 grew by 50.5 per cent, to reach about RO 9.244 billion, compared to RO 6.141 billion until the end of October 2021.
This increase is driven by the increase in the average oil price, which amounted to 95 US dollars, in addition to the increase in average production to about 1.056 million barrels per day.
The current revenues collected until the end of October 2022 amounted to about RO 2.594 billion, registering an increase of about 21.8 per cent, compared to the collection of RO 2.129 billion in the same period in 2021.
Public spending until the end of October 2022 stood at about RO 10.654 billion, an increase of RO 1.315 billion, constituting 14 per cent over the actual spending for the same period in 2021.
The bulletin indicated that the developmental expenditure of ministries and civil units stood at about RO 765 million, comprising an increase of 10 per cent compared to the same period in 2021, and constituting a spending rate of 70 per cent of the total developmental liquidity allocated for 2022, which stood at RO 1.100 billion.
Current expenditures amounted to about RO 7.879 billion, an increase of 9.5 per cent compared to the same period in 2021.
The total contributions and other expenditures rose to about RO 1.527 billion, compared to RO 668 million during the same period in 2021.
Subsidies for petroleum products amounted to about RO 610 million, while for the electricity sector reached about RO 450 million until the end of October 2022. The transfer of the provision for debt repayment amounted to about RO 167 million.
By the end of October 2022, the state's general budget posted a financial surplus amounting to about RO 1.208 billion, compared to a deficit of RO 1.007 billion in the same period in 2021.