#Oman’s actual budget deficit declines 45.4% in 2021

Oman’s actual budget deficit declines 45.4% in 2021

Oman’s actual budget deficit by the end of 2021 was OMR1.223 billion ($3.18 billion), a 45.4% decline compared to the estimated deficit of OMR2.240 billion as a result of the improvement in oil prices and the rise in oil revenue.

Public revenue registered an increase by 29.6% reaching OMR11.195 billion at the end of 2021 compared to the approved budget of OMR8.640 billion. The rise is attributed to the improvement of oil prices in international markets, an Oman News Agency report said.

Actual public spending by the end of 2021 went up by 14.1% to reach OMR12.418 billion compared to the estimates of the approved public spending of OMR10.880 billion. This rise is attributed to an increase in investment expenditure by 32.6%, contributions and other expenses by 9% and the current expenditure of government units by 4.2%.

This came during the press conference organised by the Ministry of Finance to highlight the main financial indicators for Oman in 2021 and the financial performance of this year till May 2022.