Compared to what was expected for 2010 there has been a significant increase in the real budget revenue as well as expenditures in Oman over the past year.
Government revenue expanded by 24% to RO 7916.5 million in comparison to the expected budgetary estimate of RO 6380 million.
Government expenditures also rose, by 11% to 7965.3 million from RO 7180. These figures were supplied by the Central Bank of Oman (CBO.)
The exceptional growth in income was credited mostly to an increase in the price of crude oil in the international marketplace.
Price of Oil Up
According to the CBO, Oman’s average price for crude oil increased by 35.2% to a high of $76.64 per barrel in 2010 up from $56.67 per barrel.Exports rose by 10.6% as well.
The production of natural gas also rose during 2010, by 7.2%, which also contributed to the rise in government revenues.