The total public expenditure of the public finance of the state at the end of July 2017 declined by 2.7% reaching RO 6.486 billion compared to RO 6.663 billion during the same period of 2016, while total revenues increased by 25.7% to RO 4.701 billion at the end of July 2017 compared to RO 3.740 billion at the end of July last year, according to data issued by the National Centre for Statistics and Information (NCSI).
The deficit in public finances at the end of July 2017 amounted to RO 2.585 billion, a decrease of 35.7% compared to RO 4.023 billion at the end of July 2016. The calculation of the total means of financing amounted to RO 4.905 billion at the end of July this year compared to RO4.815 billion at the end of July 2016, an increase by 1.9%, the data showed.
The total amount of the bank's loans amounted to RO 4.105 billion at the end of July 2017 as against RO 2.796 billion during the same period last year. The net borrowings amounted to RO300 million and the reserve financing amounted to RO 500 million. The increase in the revenues of public finances until July 2017 was attributed to the increase in net oil revenues by 43%, recording RO2.564 billion at the end of July 2017 compared to RO1.794 billion during the comparable period last year. Gas revenues increased by 6.9% to RO 832.6 million at the end of July this year compared to RO778.9 million at the end of July 2016. Income tax on companies decreased by 7.3% to RO307.4 million during the period under review compared to RO331.5 million last year. Capital income increased by 9.7% to RO10.2 million compared to RO9.3 million at the end of July 2016. The customs tax revenues decreased by 35.9% to RO117.4 million at the end of July this year compared to RO 183.1 million at the end of JULY 2016. In terms of public expenditure, current expenditures declined 0.8% to RO 4.529 billion compared to RO 4.566 billion at the end of July 2016.
Defence and security expenditures declined by 0.1% to reach RO1.901 billion, and those of civil ministries declined by 4% to RO 2.194 billion. Interest on loans recorded the highest increase in the ratio of current expenditure to public expenditure which increased by 185.8% to RO 125.2 million. Investment expenses decreased by 4% to RO1.614 billion compared to RO 1.682 billion at the end of July last year. Development expenditures and capital expenditures of the civil ministries recorded a decrease of 11.9% and 55.3%, respectively, recording RO 847.4 million and RO 3.8 million respectively. The expenditure on oil production also fell by 7.8% to RO 396.9 million, while gas production expenses increased by 30.3% to RO 366.8 million. The participation and support expenses recorded a decrease of 17.4%, recording RO342.5 million, while the actual expenses under settlement decreased by 27.3% to RO800 million.
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