Oman witnesses robust economic boom in 2012:
The Sultanate has witnessed economic boom through the construction of a number of development projects, issuance of a number of Royal Decrees and decisions by the Council of Ministers during 2012, which all seek to push forward the Omani economy in different fields and meet needs of the coming stage in terms of diversifying sources of national income.
The State’s General Budget was issued at the beginning of 2012. The general revenue of the state for 2012 was estimated at 8.8 billion rials against 7.28 billion rials in the budget of the previous fiscal year, with an increase of 20.88 per cent.
The oil revenues were calculated on the basis of average price $75 per barrel and average daily production of $915,000 barrel. The general expenditure approved in the budget amounts to about 10 billion rials, with an increase of 800 million rials over the revised expenditure of the previous year by 9 per cent.
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