Oman’s state budget deficit shrank by nearly three-quarters in the first two months of this year as a rise in oil prices boosted export revenues sharply, official figures released this week showed.
The country has one of the weakest financial positions among the wealthy Gulf oil exporting states, so the data may reassure investors — although the figures also revealed Oman is making little progress in expanding non-oil revenues, leaving it vulnerable to any downturn in oil prices.
The government’s deficit in January-February fell to 268.3 million rials ($697 million) from 997.8 million rials a year earlier, the state statistics agency said, resuming publication of the budget data after suspending it for six months.
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