Oman forecasts 2024 budget deficit at $1.7bn despite higher revenue

Oman forecasts 2024 budget deficit at $1.7bn despite higher revenue

Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […]Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP).

Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement.

Oil revenues are projected to reach OMR5.92 billion in 2024, lower than OMR6.9 billion estimated in 2023.

Expenditure is estimated to be OMR11.65 billion, an increase of 2.6 percent year on year.

The 2024 budget is calculated on an average oil price of $60 per barrel.

Finance minister Sultan Al Habsi stated that the budget estimates are designed to ensure that financing needs are met even if there is a decline in oil prices.

“The government will continue to pay the public debt and reduce it as much as possible.”

The preliminary results showed a budget surplus of OMR931 million