Oman's public revenues decline by 7% to reach OMR2.63bn by end of Q1 2025
Muscat: The State's public revenues decreased by 7% to reach OMR2,635 million by the end of Q1 2025 compared to OMR2,826 million recorded during the same quarter of 2024. This decline is primarily attributed to a reduction in hydrocarbon revenue, according to the Fiscal Performance bulletin issued by the Ministry of Finance.
Net oil revenue amounted to OMR1,468 million as of the end of Q1 2025, representing a 13% decrease from OMR1,688 million collected during the same quarter of 2024.
Net gas revenue reached OMR436 million as of the end of Q1 2025, reflecting a 2% decline from OMR444 million recorded in the same quarter of 2024.
Current revenue stood at OMR725 million as of the end of Q1 2025, indicating a 5% increase, i.e., OMR34 million, from OMR691 million collected during the same quarter in 2024.
By the end of Q1 2025, public spending reached OMR2,771 million, marking a 4% increase, i.e., OMR107 million, from OMR1,978 million recorded during the same quarter of 2024. This growth is primarily attributed to increased development expenditure compared to the same period in 2024.
Moreover, current expenditure amounted to OMR1,967 million as of the end of Q1 2025, reflecting a 1% decrease, i.e., OMR11 million, from OMR1,978 million reported during the same quarter of 2024.
Development expenditure of the ministries and government units reached OMR254 million as of the end of Q1 2025, representing 28% of total development expenditure, i.e. OMR900 million, allocated for 2025.
Contribution and other expenses stood at OMR490 million as of the end of Q1 2025, indicating a 1% increase, i.e., OMR4 million, from OMR486 million recorded in the same quarter of 2024.
The subsidies allocated to the social protection system and oil products amounted to OMR144 million and OMR27 million, respectively, as of the end of Q1 2025. Furthermore, OMR100 million was transferred to the future debt obligations budget item.
By the end of Q1 2025, spending on social sectors and basic services reached OMR1,668 million.
Moreover, the Ministry of Finance had paid over OMR304 million to the private sector, received through the financial system with complete documentation. This reflects the Ministry's commitment to settling fully documented private sector dues within an average of five working days.
Furthermore, the government repaid several outstanding financial obligations, leading public debt to stand at OMR14.3 billion by the end of Q1 2025, down from OMR15.1 billion at the end of the same quarter in 2024.
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