Lower oil prices plunge Oman into fiscal deficit
Oman posted a fiscal deficit for the first six months of the year, as lower oil prices squeezed revenues for the GCC’s smallest economy and expenditures rose.
The sultanate swung into deficit of $672 million (259 million Omani riyals) at the end of the second quarter, from a surplus of $1 billion (391 million Omani riyals) recorded from a year-earlier period.
Revenues for the six months to the end of June fell 5.7% on an annual basis to $15.17 billion (5.8 billion Omani riyals), in large part due to a fall in hydrocarbon revenue, the Omani finance ministry said in its quarter bulletin.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Editor