Muscat: Oman on Thursday approved its budget for 2015 with a deficit of 8 per cent of gross domestic product (GDP).

The Omani Ministry of Finance said in a statement that the general budget for the fiscal year 2015 is estimated as general expenditure at 14.1 billion Omani riyals (Dh134.5 billion), an increase of 4.5 per cent from the expenditure estimations of last year’s estimates. The total public revenues were estimated at 11.6 billion riyals, a decline of 1 per cent compared to the approved revenue last year. Hence the estimated deficit of 2015 is 2.5 billion riyals, representing 21 per cent of the revenues and 8 per cent of gross domestic product.

Sultan Qaboos Bin Saeed, the Sultan of Oman on Thursday approved the state budget for fiscal year 2015.

This came in a royal decree issued by Sultan Qabous and carried by the Oman News Agency.