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Oman posts $2.9bn budget surplus

US dollars [ Yousuf Khan - Anadolu Agency ]
US dollars [ Yousuf Khan - Anadolu Agency ]

Oman recorded a budget surplus of $2.92bn (OR1.12), the country's Finance Ministry says, local media reports.

According to the report, the high price of oil and an increase in gas revenue contributed to public revenue, according to the monthly report by the Finance Ministry.

There was a 43.4 per cent increase in revenue, as OR10.64bn ($27.6bn) was measured against OR7.4bn ($19.2bn).

"By the end of September 2022, hydrocarbon revenue increased to OR8bn, up by 51.9 per cent when compared to OR5.3bn registered over the same period in 2021. Such increase is supported by higher average oil price of US$ 94 per barrel, as well as an increase in oil crude production to 1,056 thousand barrels per day." the report says.

The International Monetary Fund (IMF) projected in its World Economic Outlook report that Oman's GDP will grow from 3 per cent in 2021 to 4.4 per cent and 4.1 per cent in 2022 and 2023.

READ: Oman, Kuwait withdraw from Bahrain air show over Israel participation

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