Muscat: Standard & Poor’s (S&P) revised the outlook for the Sultanate of Oman to positive from stable and affirmed the credit rating at BB+ on Saturday.
According to the Ministry of Finance, this revision is due to ongoing improvement in the state's public fiscal performance, which includes achieving surpluses and government efforts to reduce net public debt.
As per the S&P expectations, the real GDP growth is expected to grow by 1.6 percent in 2023 to two percent during the 2024-27 period.
The surpluses in the state budget will be around 1.2 percent during the 2024-27 period from 2.6 percent in 2023.
The public debt will decline from 36 percent in 2023 to 31 percent in 2027, while the surplus in the current account will decline from two percent in 2023 to 1.2 percent during the period 2024-2027.
The average oil price will be $85 per barrel during 2024 and $80 during 2025-27.
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