Business | Oil & Gas
Oil drives 47.2% revenue jump in Oman
A 68 per cent jump in oil revenue has lifted the Oman government's revenue by 47.2 per cent to 5.78 billion Omani riyals (Dh55.32 billion) during the first eight months of 2008, up from 3.93 billion riyals during the same period in 2007, according to the monthly statistical bulletin issued by the ministry of national economy.
- Staff Report
- Published: 22:58 November 1, 2008
Muscat: A 68 per cent jump in oil revenue has lifted the Oman government's revenue by 47.2 per cent to 5.78 billion Omani riyals (Dh55.32 billion) during the first eight months of 2008, up from 3.93 billion riyals during the same period in 2007, according to the monthly statistical bulletin issued by the ministry of national economy.
The report attributes the increase in accruals to a 68.4 per cent rise in the country's oil net revenue, which stood at 4.08 billion riyals by the end of August 2008, against 2.42 billion riyals during the same period in 2007, and a 64.4 per cent rise in customs duty earnings, which stood at 121.3 million riyals, as against 73.8 million riyals last year.
Corporate tax revenue rose 30.6 per cent to 221.6 million riyals, against 169.7 million riyals during the same period in 2007.
Capital revenue rose 113.1 per cent to 53.5 million riyals against 25.1 million riyals. Other revenue rose 15 per cent to 768 million riyals against 668 million riyals.
Gas revenue fell 5.7 per cent by the end of August 2008 to 534 million riyals against 566.1 million riyals during the corresponding period last year.
The government's total general expenditure rose 28.7 per cent during the first eight months of 2008 to 4.21 billion riyals, against 3.27 billion riyals during the same period in 2007.
The rise in general expenditure resulted from a 15.9 per cent increase in current spending which stood at 2.58 billion riyals, as against 2.22 billion riyals during the same period in 2007 and a 38.5 per cent rise in investment spending which amounted to 1.24 billion riyals, against 900.2 million riyals last year.
Contribution and support for the private sector rose 162.2 per cent to 389.9 million riyals, against 148.7 million riyals during the same period in 2007.
The state's general budget surplus stood at 1.56 billion riyals against 652.4 million riyals during the same period in 2007.
The government's total general expenditure rose 28.7 per cent during the first eight months of 2008 to 4.21 billion riyals, against 3.27 billion riyals during the same period in 2007.
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