MUSCAT: Oman’s total revenue touched 7.4 billion riyals (Dh70.63 billion) at the end of October this year, dropping 35.6 per cent, compared to 11.5 billion riyals in the same period last year.
The total revenue from oil, estimated to be 4.6 billion riyals, fell 45.6 per cent during the month, compared to 8.6 billion riyals in the same period last year, according to a report by the National Centre for Statistics and Information.
Gas revenues, meanwhile, jumped 1.1 per cent to 1.17 billion riyals during October, compared to 1.16 billion riyals in the corresponding period last year.
Moreover, customs tax increased by 2.9 per cent, reaching 175.9 million riyals in October, compared to 171 million riyals in the period, whereas corporates’ income tax declined by 1.2 per cent to reach 10.3 million riyals in the same period.
Public spending, meanwhile, stood at 9.7 billion riyals in October, compared to 10.2 billion riyals in the same month last year.
According to the statistics, overall spending, fell by 1.8 per cent, with spending on defence and national security down by 9.6 per cent. Spending on civil ministries rose by 0.6 per cent. And spending on oil and gas production increased by 23.2 per cent and 95.2 per cent respectively.
Oman’s budget deficit amounted to 2.7 billion riyals at the end of August this year, according to the Ministry of Finance. Oil makes up for around 75 per cent of Oman’s revenues and any drop in oil prices has a direct impact on the budget.
The Financial Affairs and Energy Resources Council formed a specialised working group last September to study public spending and the means to reduce it amid the slump in oil prices.
