Oman’s budget surplus hits Record $4.17bn for H1
By staff - Fri Aug 17, 4:29 pm
Oman’s budget surplus reached OR1.606bn ($4.17bn) at the end of the first half of 2012, official figures have shown.
The surplus compared to OR386.6m seen during the first six months of 2011.
“Consistent with sustained recovery of the Omani economy, the monetary and banking indicators in Oman continued to be favorable in 2012,” said a statement by the Central Bank of Oman (CBO).
Gross domestic product (GDP) at current prices for Oman increased by 18.9 percent to OR7.37bn during the first quarter of 2012 from OR6.19bn during the same period last year, according to the statistics cited by Oman News Agency.
While nominal GDP emanating from the petroleum sector posted a growth of 25.7 percent, non-petroleum sector GDP rose by 12.4 percent during the first quarter of 2012, the statement said.
The average rate of inflation in Oman fell to 3.1 percent during the first half of the year compared to four percent a year ago.
The figures showed that government revenues for the first half of 2012 increased by 35.4 percent to OR7.369bn compared to OR5.443bn a year earlier while total expenditure rose by 14 percent to OR5.763bn.
The statement said total assets of commercial banks increased by 20.5 percent to OR19.698bn in June compared to the same month last year.