MUSCAT: Driven by high oil prices, controlled spending and growth of non-oil revenues, the Oman government’s revenues rose to RO 7.2 billion as at the end of last November 2017. It was a RO 1 billion increase compared with the same period of 2016. Oil prices bolstered the state’s public finances.
The government cut spending to reach RO 10.5 billion compared with RO 11.1 billion in the corresponding period of 2016.
The average price of Oman oil last year grew by 27.8 per cent to $51.3 per barrel as against $40.1 per barrel in 2016.
According to the monthly bulletin issued by the National Centre for Statistics and Information (NCSI) last January, figures indicate the Sultanate’s commitment to reduce its oil production to an average of 970,000 barrels per day compared with more than a million barrels per day in 2016.
The country’s total production of crude oil and condensates amounted to 354 million barrels in 2017 compared with 367 million barrels in 2016. The total oil exports amounted to 294 million barrels compared with 321 million barrels in 2016. Oil revenues rose by 31.2 per cent to RO 4.58 billion, compared with RO 3.92 billion in the same period of 2016.
Oman’s revenues from gas increased to RO1.3 billion, a 3.9 per cent growth.
Oil revenues (oil and gas), which amounted to RO 5.4 billion until last November 2017, contributed 74.6 per cent of the total revenues and financed 51.2 per cent of the total government expenditure.
According to NCSI, the GDP at current prices in the first nine months of 2017 rose to RO 20.3 billion compared with RO18.4 billion in the same period of 2016.
Non-oil activities recorded a growth rate of 4.9 per cent to reach RO 14.7 billion, while oil activities jumped 23.9 per cent, exceeding RO 6.2 billion. Manufacturing industries grew 11.9 per cent to reach RO1.9 billion.
GDP in 2014 was at the top level at RO 31.4 billion, but declined in 2015 to RO 26.8 billion and RO 25.7 billion in 2016.
As for the foreign trade, commodity exports in the first nine months of 2017 rose to RO 9.1 billion, compared with RO 7.5 billion in the corresponding period of 2016. Imports of goods increased from RO 6.5 billion to RO 7.7 billion.
Non-oil exports until September 2017 recorded the best growth (within commodity exports) by 31.4 per cent to RO 2.3 billion compared with RO 1.8 billion in the same period of 2016. — ONA
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