A surge in public expenditure plunged Oman back into a fiscal deficit in the first quarter of 2011 despite a sharp increase in revenue because of higher oil prices and production, according to Omani government data.
The shortfall was in contrast with a large surplus recorded in the first quarter of 2010 although the balance is projected to end this year in a surplus on expectations crude prices would remain high.
Figures by the Omani ministry of economy showed the budget suffered from an actual surplus of RO253.4 million ($659 million) in the first quarter against a real surplus of RO421.2 million ($1.09 billion) in the first quarter of 2010.
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