World Economy

Oman Sees $6.47b Budget Deficit

Oman Sees $6.47b Budget DeficitOman Sees $6.47b Budget Deficit

Non-OPEC member Oman on Thursday announced a budget deficit for 2015 of $6.47b, reflecting the effect on Persian Gulf producers of plummeting crude oil prices, AFP reported. The budget includes expenditure of $36.5b, up 4.5% from 2014, and revenue of $30.03b, down 1.0%, the official ONA news agency cited the finance ministry as saying. The projected deficit will represent 21% of public revenue and 8.0% of the sultanate’s GDP. Oman is a small producer of crude, at about one million barrels per day. Current expenditure accounts for the lion’s share at 68% of public spending, far ahead of investments (23%), the ministry said.