Oman expects budget deficit to reach 3% of GDP in 2023 on moderate oil price assumption

Oman expects a budget deficit of 1.3 billion Omani rials ($3.39 billion) in 2023, or 3 per cent of its gross domestic product, after a forecasted budget surplus for 2022 as higher oil prices increased public revenue.

The Gulf country expects total public revenue to rise to 11.65 billion rials in 2023, up 10 per cent from the 10.58 billion rials of revenue in the approved budget for 2022, Oman’s Ministry of Finance said in a report on its…