Revenues rise 17.2 pc during Jan-Feb period

MUSCAT, June 24 - The Sultanate’s general revenues stood at RO 1.126 billion in the first two months of this year, an increase of 17,2 per cent, compared to RO 962 million registered in the same period of last year. The total revenues of 2017 amounted to RO 8.5 billion, according to the National Centre for Statistics and Information (NCSI). The bulk of revenues came from oil and gas which contributed RO 724 million and RO 238 million, respectively. Non-oil and gas revenues decreased as revenues from corporate taxes fell by 36 per cent and customs revenues fell by 27 per cent. The general expenditures during January and February saw a slight increase of 2.6 per cent registering RO 395 million. The uptick in hydrocarbon revenues was caused by an increase in oil and gas exports and a rise in the international oil prices which resulted in a significant drop in the deficit by 41.4 per cent to register RO 300 million, compared with RO 512 million in the corresponding period of last year.

AMAL RAJAB