Fiscal Balance in Oman
Oman - Fiscal Balance
There was a dual economic picture in the first half of the year. The non-oil economy seemed to perform fairly well in H1; tourist arrivals were upbeat in the first five months of the year, while private-sector credit growth continued at a moderate pace in the same period, and muted inflationary pressures likely supported household spending. However, OPEC+ oil production cuts continued to drag on the energy sector, with recent data showing that output levels in H1 were largely flat year-on-year, while annual oil exports contracted. On the fiscal front, the budget deficit narrowed in January–May as revenues posted robust annual growth and spending declined. That said, following the implementation of excise taxes in June, the government subsequently decided to temporarily reduce the 100% excise tax on alcoholic beverages to 50%, reflecting the political challenge posed by austerity measures.Oman - Fiscal Balance Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -0.3 | -3.4 | -17.5 | -20.9 | -13.8 |
Oman Fiscal Balance Chart
Source: National Center for Statistics and Information and FocusEconomics calculations.
Oman Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 0.39 | 0.06 % | Jul 31 |
| Stock Market | 0.1 | 0.0 % | Jul 31 |
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