Fiscal Balance in Oman
Oman - Fiscal BalanceWith the economy remaining below pre-pandemic levels at the end of last year, growth was probably moderate in Q1 2022 due to the restrictions imposed as the Omicron variant swept the country. Meanwhile, inflation swelled to the highest level since 2011 on decade-high commodity prices, likely depressing private consumption. However, growth momentum is likely improving in Q2. The government has eased Covid-19 restrictions as the Omicron wave subsided. Moreover, near-decade high oil prices and rising oil production are boosting the external and fiscal balances, leading S&P Global Ratings to upgrade the country’s sovereign debt rating to ‘BB-’ with a stable outlook in April. Less positively, an economic slowdown in China—the main buyer of Oman’s oil—is likely constraining hydrocarbon export demand somewhat.
Oman - Fiscal Balance Data
|Fiscal Balance (% of GDP)||-17.6||-21.1||-13.9||-8.7||-9.1|
5 years of economic forecasts for more than 30 economic indicators.
Oman Fiscal Balance Chart
Source: National Center for Statistics and Information and FocusEconomics calculations.
|Exchange Rate||0.39||0.06 %||Dec 31|
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