Oman H1 Budget Surplus Hits $4 Billion

Oman’s budget surplus edged up to 1.6 billion rials ($4.2 billion) in the first half of 2012, data from the country’s finance ministry showed on Wednesday.

Revenue during the period was 7.369 billion rials, compared to 5.443 billion rials during the same period last year. Expenditure was 5.763 billion rials, compared to 3.942 billion during the same period in 2011.

Oman based its 2012 budget on a projected oil price of $75 per barrel and expected a deficit of 1.2 billion rials.

Analysts polled by Reuters in July forecast the non-Opec oil exporter would post a fiscal surplus of 6.5 percent of gross domestic product in 2012.

Reuters