Oman revealed its 2020 budget on Wednesday 1 January. Total spending is budgeted at OMR 13.2 billion (USD 34.3 billion), an increase of 2% against the previous year’s budget. Revenues are estimated to grow by 6% to OMR 10.7 billion (USD 27.8 billion), leaving a budget deficit of OMR 2.5 billion (USD 6.5 billion). The deficit is 8% of the GDP for 2020, which is targeted to grow by 3%.
This year’s budget is based on an oil price of USD $58/bbl, which is the same as budgeted for 2019. The average realized price of oil for 2019 was USD $64/bbl.
Our Budget Newsletter analyzes the State Budget and the measures proposed to grow the economy in a fiscally sustainable manner.