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Oman’s economy surges with higher oil prices, fiscal reform

The Omani economy is benefiting from both higher oil and gas revenues and the country’s fiscal policies and discipline.

Oman’s economy has enjoyed a strong first half to 2022 and the outlook for the rest of this year and 2023 is positive. The sultanate’s public finances have significantly improved compared to a year ago, largely thanks to higher oil and gas revenues but also to the country’s fiscal policies and discipline over the last few years.

Oman recorded a fiscal surplus of 784 million Omani rials ($2 billion) in the first half of 2022 compared to a deficit of 1.1 billion rials ($2.9 billon) in the same period last year. Total revenues increased by 54.2% and public spending expanded to 8.6% compared to a year ago. The larger public revenue was thanks to a significant increase in gas revenue, which increased by 137.8% compared to the same period in 2021.

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