Arab Today, arab today oman reports record fiscal surplus in 2011
Last Updated : GMT 20:35:54
Arab Today, arab today
Arab Today, arab today

Oman reports record fiscal surplus in 2011

Arab Today, arab today

Arab Today, arab today Oman reports record fiscal surplus in 2011

Abu Dhabi - Arabstoday

A surge in oil prices and higher crude output turned Oman’s projected negative fiscal balance upside down to record its highest ever surplus in 2011 despite an increase in actual spending, according to official data. Oman, which is not an OPEC member, had projected a shortfall of RO850 million (Dh8.2 billion) when it announced its record 2011 budget early last year. But it massively revised up the gap to RO1,850 million after Sultan Qaboos approved new jobs and hefty pay rises for Omani government employees in response to demands during unrest in February 2011. Government data showed the balance turned into an actual surplus of RO961.5 billion (Dh92 billion) by the end of 2011 compared with an actual deficit of RO439.8 billon (Dh4.3 billion) in 2010. “The high surplus was a result of higher revenue from oil and gas exports despite an increase in public spending last year,” the Abu Dhabi-based Arab Monetary Fund (AMF) said, citing Omani official estimates. It said higher oil prices and production by Oman boosted its GDP growth to 4.4 per cent last year from 4.2 per cent in 2010. The surge in crude prices and supplies pushed Oman’s public revenue by a whopping 46 per cent to nearly RO11.43 billion in 2011 over the previous year. Expenditure also soared by about 26.6 per cent to RO10.47 billion. According to Oman’s ministry of economy, the 2011 budget was based on an average crude oil price of $58 and production of 896,000 barrels per day. Sitting atop five billions of proven oil reserves, Oman expects to boost spending in its 2011-2015 development plan by a whopping 113 per cent as it forecasts high oil prices and is pursuing plans to boost crude output. Announcing the eighth development plan last year, Oman’s Minister of National Economy Ahmed bin Abdulnabi Mekki said it would aim to create between 200,000 and 275,000 jobs for Omanis, who have become a majority in their country after they were a minority two decades ago. “The plan envisages spending of RO30 billion, nearly 113 per cent above the budgeted spending in the previous plan,” he said. He said development expenditure would be as high as RO112 billion, including around RO5.6bn on new projects and the rest for development plans and ventures that were approved during the seventh five-year scheme.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oman reports record fiscal surplus in 2011 Arab Today, arab today oman reports record fiscal surplus in 2011

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories for women

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories for women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday