Oman records first quarter budget surplus


Oman recorded a huge budget surplus of OMR 450 million (USD 1.17 billion) in the first quarter of 2023 according to data from the Ministry of Finance.

This compared to a surplus of OMR 357 million (USD 928 million) in the same period of last year. The OMR 93 million (USD 242 million) rise was mainly due to a 24% increase in the Sultanate’s revenue collection.

However an impressive 9% increase in net oil revenue also heavily contributed. The average oil price increased 9% to USD 85 per barrel from USD 78. Furthermore, Oman`s average daily oil production increased 3.7% to 1.063 million barrels per day in the first quarter of 2023 compared to 1.025 million barrels per day recorded over the same period of 2022.

The Sultanate`s 2023 budget is based on an average oil price estimate of USD 55 per barrel and average oil production of 1.175 million barrels per day.

In terms of spending, Oman’s total public spending during the first quarter of 2023 was recorded at OMR 2.8 billion (USD 7.28), which is 4% higher compared to the same period a year ago.

The Sultanate’s sovereign credit ratings were upgraded by various global rating agencies supported by the improving fiscal position due to government reforms and higher oil prices. Standard and Poors Global Ratings and Fitch Ratings revised their outlooks on Oman from 'stable' to 'positive'

Business Start Up Oman offers a network of experts and specialists within the lifecycle of a business. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.

Please click on the link to learn more about the opportunities and possibilities in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

Other News

News 10 - Thumb

Madayn establishes Centre for Innovation and Entrepreneurship

The Public Establishment for Industrial Estates (Madayn) and the Oman Indian Fertiliser Company (Omifco) recently signed an agreement to establish the Omifco Centre for Innovation and Entrepreneurship...

Read more
News 9 - Thumb

Salalah Free Zone records OMR 727 million of investment

Salalah Free Zone has signed five new land lease agreements worth a total investment of OMR 727 million (USD 1.88 billion) during the first half of 2023.

Furthermore, the free zone located in Dhofar...

Read more
News 8 - Thumb

Oman committed to renewable energy to meet demand

Oman is inviting procurement targetting solar and wind capacity to secure at least 30 percent of its electricity from renewable sources...

Read more
News 7 - Thumb

Oman updates Labour Law to align with Vision 2040

Oman recently announced a major overhaul of the Sultanates labour laws as the government seeks to align its labour market with the Oman Vision 2040.


Read more
News 6 - Thumb

Oman targetting tourism and real estate to diversify economy

Oman`s Ministry of Heritage and Tourism has approved 19 integrated tourism licences as the Sultanate progresses with plans to invest OMR 4.4 billion (USD 11.4 billion) in...

Read more
News 5 - Thumb

Oman launches Sultanates first private cloud data centre

Oman’s first private cloud data centre has been launched in coordination with the Ministry of Transport, Communications and Information Technology (MTCIT).

Consequently [Oman based global integrated...

Read more
News 4 - Thumb

Oman`s Sohar Freezone facilitating investment

Oman`s Sohar Freezone has extended its competitive rates for businesses seeking to obtain a General Trade License (GTL). This initiative will drive growth by encouraging global enterprises to base themselves...

Read more
News 3 thumb

Oman planning huge IPO listings over next five years

Oman`s Muscat Stock Exchange (MSX) is planning to list 35 state-owned enterprises over the next five years, with several oil companies expected to list this year.

Furthermore [recent interest in the...

Read more

Page Break