Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

GROSS REVENUES CROSS RO 4 BILLION

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The performance of the national economy this year has been positive in a number of economic indicators. The Sultanate has managed to achieve the targeted public revenues for the first half this year as the gross revenues grew more than RO 4 billion. The state budget seeks to achieve RO 8.7 billion public revenues this year. The registered revenues during the first half of this year reflected the government’s efforts to diversify sources of income and reduce reliance on oil.


The non-oil and non-tax revenues grew to RO 748.2 million compared to RO 532.7 million during the first half of last year, registering a growth of


40.5 per cent.


The oil revenues (oil and gas) witnessed a remarkable growth to hit RO 2.8 billion compared to RO 2.1 billion during the corresponding period last year.


The tax revenues (custom and corporate income tax) declined from RO 473 million to RO 394.8 million.


Since the oil price drop from mid 2014, the Sultanate has taken a number of measures to support the public finance, continue economic growth and diversify sources of national economy.


These measures have reflected on public expenditure, which declined to RO 6.4 billion or by RO 172.2 million compared to the same period last year.


The state budget estimates the public expenditure this year at RO 11.7 billion.


This year, the Sultanate has managed to provide necessary finance to RO 3 billion estimated deficit at this year’s budget through local and foreign borrowing, as well as withdrawing from public reserves. As for the GDP, the national economy witnessed good growth.


The GDP grew by 12.9 per cent at the current prices to hit RO 6.4 billion compared to RO 5.7 billion during the same period last year.


The GDP for oil activities grew by 30.6 per cent to cross RO 2 billion compared to RO 1.5 billion during the first quarter last year.


Non-oil activities grew by 5.3 per cent to stay at RO 4.6 billion; a growth of RO 231 million compared to the first quarter last year.


The commodity exports during the first quarter of this year grew by 3.10 per cent to hit RO 2.8 billion compared to RO 2.5 billion during the same period last year, benefiting from the growth of oil activities by 28.4 per cent, which stood at RO 1.7 billion.


The non-oil exports also grew by 14 per cent to hit RO 751.8 million.


Official statistics pointed out that imports through marine and airports witnessed a good activity. The value of imports through ports grew by 4.2 per cent to hit RO 1.1 billion.


The value of air imports increased from RO 225.9 million to RO 568.3 million.


The Sultanate seeks to increase direct import from the producing countries in a way that contributes to stability of prices and reduces the cost of land shipping.


The value of imports through land ports at the first quarter this year declined by 12.3 per cent to stay at RO 665.1 million compared to RO 758.1 million during the same period last year. This made the Sultanate achieve low inflation levels — 1.6 per cent at the end of July 2017. — ONA


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