Oman’s Public Spending Increases by 7% in 2024
Oman’s public spending has risen by 7% in the first eight months of 2024, totaling OMR 7.659 billion (approximately $19.9 billion). This increase is primarily due to higher government subsidies and development expenditures
Key Expenditure Highlights:
- Current Expenditure: Civil ministries’ current expenditures reached OMR 5.434 billion (about $14.1 billion), marking a slight decrease of OMR 30 million ($78 million) compared to the same period in 2023.
- Development Expenditure: Spending on development projects rose by 28%, amounting to OMR 735 million (around $1.9 billion), indicating a significant investment in infrastructure and growth initiatives.
- Subsidies and Social Spending: Allocations for subsidies and other expenses increased notably to OMR 1.440 billion (approximately $3.75 billion), largely due to the implementation of a new social protection system aimed at supporting vulnerable populations.
Revenue Performance:
On the revenue side, Oman’s total public revenues stood at OMR 8.106 billion (about $21 billion) by the end of August 2024, reflecting a 2% increase compared to the same period in 2023. This uptick is mainly attributed to a 12% rise in net oil revenues, which reached OMR 4.649 billion (approximately $12 billion), bolstered by an average oil price of $83 per barrel and production levels averaging 1.001 million barrels per day
However, net gas revenues experienced a decline of 15%, totaling OMR 1.213 billion (around $3.1 billion), due to changes in the gas revenue collection methodology.
These financial trends underscore Oman’s commitment to balancing increased public spending with sustainable revenue streams, aiming to foster economic growth and social development.
Oman’s Economic Performance in 2024
Oman’s public revenues cross $20.7bln
Gulf NewsOman public revenue tops $21b as oil earnings surgeYesterday
