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Oman's budget suffers deficit, declining income

MUSCAT, Aug 3 (KUNA) -- Oman's state budget posted a 1.5 billion rial (rial=USD 2.6) deficit in end of last May due to income slump by 36 percent as a result of falling oil prices, according to the National Center for Statistics and Information (NCSI).
Overall revenues, in first five months of 2015, reached 3.8 billion rial, compared to 6.4 billion rial the same period in 2014, the NCSI said in a freshly-released report.
Public expenditure dropped five percent, reaching 4.8 billion riyal, compared to 5.6 billion in end of May last year, in addition to actual spending, estimated at 550 million that have not been paid yet.
Net oil proceeds, since start of 2015 till end of May, dropped 46.5 percent, reaching 2.3 billion rial. (end) ahr.rk