Oman’s revenues dropped by 27 per cent in the first eight months of the year to RO4,240.7 million from RO5,787 million in the corresponding period of 2008, owing mainly to a fall in oil earnings.

Total expenditure was RO4,291 million, leaving a shortfall in budget of RO50 million, versus a surplus of over RO1,500 million.

Oil exports fetched RO2,604.2 million, compared with RO4,088.6 million, down 36 per cent. Income from customs duty too recorded a sharp decline of 26 per cent to RO89.7 million from RO121.3 million. Capital revenues fell by 69.3 per cent to RO16.4 million from RO53.5 million, and other revenues by 7.8 per cent to RO708 million.

Corporate income tax, however, surged by 58.7 per cent to RO351.7 million from RO221.6 million. Government expenditure increased by 1.7 per cent to RO4,291 million, compared with RO4,219.3 million.