State revenues rise 4% to RO 10.2 billion by Oct-end
Published: 02:12 PM,Dec 11,2024 | EDITED : 06:12 PM,Dec 11,2024
Current revenues edged up by RO 21 million to RO 2.629 billion.
MUSCAT, DEC 11
The Ministry of Finance has announced a significant 4 per cent rise in Oman’s state general revenues, which climbed to a total of RO 10.203 billion as of October-end 2024, up from RO 9.800 billion during the corresponding period of 2023. The growth was driven by a robust performance in non-oil revenues, showcasing the success of economic diversification initiatives, the Ministry stated in its latest financial report.
October, in particular, saw a 12 per cent year-on-year rise in revenues, climbing from RO 1.525 billion last year to RO 1.734 billion this year. These figures are a testament to Oman’s ability to adapt to a dynamic global economic landscape while strengthening its fiscal foundations.
Expenditures rose by 8 per cent, amounting to RO 9.684 billion, compared to RO 8.970 billion in 2023. This increase, while notable, is underpinned by a 12 per cent surge in investment expenditures, reflecting the government’s commitment to building a sustainable economic future. Strategic infrastructure projects and long-term development goals were prioritised, even as October recorded a 1 per cent decrease in monthly spending compared to the same period last year—a sign of improving short-term fiscal discipline.
The national economy, meanwhile, exhibited consistent growth, with a projected 3.2% expansion in 2024 and further stability expected in subsequent years. This steady trajectory reflects the resilience of Oman’s economy amidst global and regional challenges.
Moving forward, the focus must remain on accelerating economic diversification, enhancing investment efficiency, and addressing fiscal imbalances. The 2024 financial performance demonstrates not only progress but also a clear roadmap for achieving long-term economic sustainability. With strategic foresight and determination, Oman is poised to secure its financial future.
The Ministry of Finance has announced a significant 4 per cent rise in Oman’s state general revenues, which climbed to a total of RO 10.203 billion as of October-end 2024, up from RO 9.800 billion during the corresponding period of 2023. The growth was driven by a robust performance in non-oil revenues, showcasing the success of economic diversification initiatives, the Ministry stated in its latest financial report.
October, in particular, saw a 12 per cent year-on-year rise in revenues, climbing from RO 1.525 billion last year to RO 1.734 billion this year. These figures are a testament to Oman’s ability to adapt to a dynamic global economic landscape while strengthening its fiscal foundations.
Expenditures rose by 8 per cent, amounting to RO 9.684 billion, compared to RO 8.970 billion in 2023. This increase, while notable, is underpinned by a 12 per cent surge in investment expenditures, reflecting the government’s commitment to building a sustainable economic future. Strategic infrastructure projects and long-term development goals were prioritised, even as October recorded a 1 per cent decrease in monthly spending compared to the same period last year—a sign of improving short-term fiscal discipline.
The national economy, meanwhile, exhibited consistent growth, with a projected 3.2% expansion in 2024 and further stability expected in subsequent years. This steady trajectory reflects the resilience of Oman’s economy amidst global and regional challenges.
Moving forward, the focus must remain on accelerating economic diversification, enhancing investment efficiency, and addressing fiscal imbalances. The 2024 financial performance demonstrates not only progress but also a clear roadmap for achieving long-term economic sustainability. With strategic foresight and determination, Oman is poised to secure its financial future.