Oman’s actual deficit for 2018 is RO350mn less than budgeted

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هذه الصفحة متوفرة بهذه اللغة: العربية

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22 Sept 2019

MUSCAT (WAF)- The actual budget deficit for the Sultanate of Oman in 2018 amounted to RO 2.65 billion compared to the budgeted RO 3 billion, according to the final account for the fiscal year 2018 issued in the Official Gazette today.

Total actual revenue for the year stood at RO10.95 billion, compared to the budgeted RO 9.5 billion. 2018’s actual revenues saw RO 2.435 billion increase over the actual revenues for 2017. 

The Oil and gas revenues contributed RO 8.567 billion, while capital revenues saw revenues of RO 133 million, compared to RO 20 million estimated in the budget.

However, the current revenues achieved less than expected; actual current revenues amounted to RO2.233 billion by the end of 2018, which is about RO327 million less than the approved.

On the expenditure side, total expenses increased by about RO 1.1 billion compared to the approved RO 12.5 billion, bringing the actual expenditure to RO 13.599 billion by the end of the fiscal year.

Actual current expenses, compared to the budgeted, increased by RO 795 million, which included security and defense expenses, civil ministries expenses, oil and gas production expenses, and interest on loans. Actual investment expenses were RO 283 million higher than budgeted.

As for the subsidies expenses, the allocations for subsidising the electricity sector amounted to RO 467.6 million, compared to the provision of RO 450 million. Actual operational support for state-owned companies was lower than the approved estimate of RO 82.2 million by the end of 2018.