The government of Oman recorded a 5.3 percent increase in revenues in the first two months of 2002, reaching 367.3 million Omani riyals ($954 million), compared with OR 349 riyals in the previous year, reported KUNA.
Oman’s Ministry of National Economy attributed the increase in revenues to a 3.1 percent and 3.3 percent income rise in the oil and gas sectors in February respectively. Moreover, the government experienced a 25 percent capital increase during the same period and a 2.3 percent decrease in tax fees.
Oman is seeking to diversify its economy away from oil and gas through the development of a productive industrial sector. Its efforts to take on added importance with its accession to the World Trade Organization and the upcoming Gulf Cooperation Council (GCC) Customs Union law, which is due to be enforced as of January 2003. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
