Deficit drops to RO 3 bn, revenue up at RO 6 bn

Muscat, Dec 20 – The Sultanate’s fiscal deficit has dropped to RO 3 billion in the third quarter of this year as against RO 4.6 billion in the corresponding period of 2016, according to the Central Bank of Oman (CBO). The public expenditure stood at RO 8.9 billion, a decrease of RO 430 million compared with the same period last year, which is one of the factors responsible for bringing down the deficit, said the apex bank. The public revenues rose to RO 5.9 billion at the end of September this year. This includes RO 1.7 billion in non-oil revenues. The total public revenue was RO 4.9 billion in the corresponding period of 2016. The apex bank has attributed the increase to a rise in average oil prices along with public expenditure cuts and economic diversification measures.

Amal Rajab