Public Expenditure falls, deficit rises

 Muscat: The budget deficit was RO826.5 million in June 2020 compared RO660.6 million in the same period of 2019, according to the data released by the National Centre for Statistics and Information (NCSI).

The total revenue fell 12.4 per cent to RO4.83 billion in June due to fall in oil prices.

The net oil revenue of Oman fell 16.3 per cent to RO2.57 billion in June 2020 compared to RO3.07 billion for the same period of the previous year, the report added. Revenue from natural gas fell 21.2 per cent to RO740.8 million, while customs duty and corporate income tax contributed RO83.8 million and RO350.9 million, respectively, during the period. In addition, capital revenue fell to RO16.4 million in June, registering a fall of 52.3 per cent.

Total public expenditure fell by 8.4 per cent to RO5.65 billion in June compared to RO6.17 billion for the same period of 2019. Of this, current expenditure fell by 0.6 per cent to RO4.28 billion, while investment expenditure fell 25.6 per cent to RO816.9 million until the end of June 2020.

Total public expenditure in 2019 stood at RO13.06 billion, with a total revenue of RO10.41 billion, leaving a deficit of RO2.65 billion. ONA