Fiscal Balance in Oman

Oman Fiscal Balance | Economic News & Forecasts

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  

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Oman Fiscal Balance Chart

Oman Fiscal
Note: Fiscal balance as % of GDP.
Source: National Center for Statistics and Information and FocusEconomics calculations.

Oman Facts

Exchange Rate0.390.06 %Jul 31
Stock Market0.10.0 %Jul 31

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