Oman is projecting a 29% increase in expenditure in 2013 to a record OR12.9bn ($33.54bn) from OR10bn ($26bn) in 2012 and a 27% increase in revenue to OR11.2bn ($29.12bn) in 2013 from OR8.8bn ($22.88bn), against a backdrop of firm oil prices, Oman’s Minister for Financial Affairs Darwish al-Balushi announced on 25 November.
Unveiling details of next year’s draft budget to Majlis al-Shura (Consultative Council), the minister said the increase in budget expenditure is expected to boost economic activity in the country and raise GDP growth to 7% in 2013, while keeping inflation at its present level. (The inflation rate stood at 3.2% in October 2012, according to figures from the National Center for Statistics and Data.) (CONTINUED - 722 WORDS)
