MUSCAT : The Sultanate recorded total public revenues of RO 2.635 billion by the end of Q1 2025, down from RO 2.826 billion in the first quarter of 2024. This decline is largely attributed to a 13% drop in net oil revenues, which fell to RO 1.468 billion from RO 1.688 billion a year earlier. Net gas revenues also saw a slight 2% decline, registering RO 436 million compared to RO 444 million in the same period last year.
However, the report also highlighted a positive uptick in non-oil revenue streams. Current revenues increased by RO 34 million to reach RO 725 million by the end of Q1 2025, compared to RO 691 million last year.
Despite the fall in revenues, public spending rose by 4% to reach RO 2.771 billion, up from RO 2.664 billion in Q1 2024. This increase was driven by a rise in development expenditures, which reached RO 254 million—representing 28% of the RO 900 million development budget allocated for 2025.
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While development spending grew, current expenditures saw a marginal decrease of RO 11 million, totaling RO 1.967 billion, slightly below the RO 1.978 billion recorded in Q1 2024. Contributions and other expenses also edged up by RO 4 million to reach RO 490 million.
Support for the social protection system and petroleum products stood at RO 144 million and RO 27 million respectively. The government also allocated RO 100 million towards debt repayments.
Spending on social and basic services sectors amounted to approximately RO 1.668 billion. In a continued effort to support the private sector, the Ministry of Finance disbursed more than RO 304 million in receivables within an average of five working days.
Notably, Oman’s public debt showed a marked improvement, dropping to approximately RO 14.3 billion by the end of Q1 2025 from RO 15.1 billion during the same period in 2024, signaling the government’s active efforts in managing fiscal obligations.
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