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High oil prices boost Oman's 2012 budget surplus
- Oman: Saturday, February 16 - 2013 at 00:52
According to data from the Omani finance ministry, the sultanate has reported a budget surplus of OR3.22bn ($8.4bn) in 2012, marking a turnaround from a deficit of OR113.2m in the previous year, driven by higher oil prices, Reuters has reported. Last month, financial affairs minister Darwish al-Balushi had estimated that actual 2012 state expenditure was about OR13bn, which would have produced a budget surplus of about OR1bn. The ministry also revised its initially reported 2011 revenue figure sharply down, resulting in a small deficit instead of the surplus previously recorded. It did not explain the change.
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