Oman’s Fiscal Performance in Q1 2024
Oman’s Ministry of Finance recently released data on the country’s fiscal performance in the first quarter of 2024. Total public revenues dropped by 12% to RO2.826bn compared to Q1 2023, mainly due to a decline in net oil and gas revenues. Net oil revenue decreased by 1% to RO1.688bn, with an average oil price of $83 per barrel.
On the expenditure side, total public spending decreased by 4% to RO2.664bn, with current expenditure of civil ministries dropping to RO1.978bn. Development expenditure reached RO200mn.
The increase in total contributions and other expenses by 78% to RO486mn was attributed to social protection initiatives and subsidies for oil products. Additionally, RO100mn was allocated towards future debt obligations.
By the end of Q1 2024, the Ministry of Finance had repaid over RO206mn to the private sector, reflecting efficient financial management processes.
Despite certain challenges, Oman is actively managing its fiscal resources to ensure sustainable economic growth and stability.