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Oman has posted a budget deficit of $2.75bn, 3.4% of GDP, for 2014, up more than 11-fold on 2013. With oil prices so far this year averaging $18/B below the $75/B on which the 2015 budget is based, the deficit could balloon to over $10bn.
Latest provisional statistics released by the Central Bank of Oman (CBO) in its 2014 Annual Report indicate that the country racked up an OR1,064mn ($2.75bn) deficit for 2014, up from OR83mn in 2013.
This deficit, which the CBO attributes to “a relatively modest increase in government revenue and an expansionary fiscal policy,” was still a massive 41% down on the OR1,800mn deficit projected in the original budget released in January last year (MEES, 10 January 2014).
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