Trade exchange between Oman and Jordan reached $118.4 million by the end of November 2022, Oman News Agency (ONA) reported Saturday, citing Jordan's Department of Statistics.
Oman's exports to Jordan hit $53 million as of November 2022, while the imports from Jordan to Oman amounted to $65.4 million during the same period.
The main exports from Oman to Jordan were semi-finished products of non-alloyed iron or steel, natural gas, non-alloyed iron and steel alloys, polyethylene products, and other products.
Pharmaceutical products, vegetables and fruit products, jewelry, and other food products were Oman's main imports from Jordan. What to watch for The 11th session of a Jordanian-Omani committee will be held soon to discuss bolstering economic ties, Nawaf Al-Baramawi, spokesman for the Jordanian Ministry of Industry, Trade and Supply told ONA.
Oman's Sultan approved the 2023 budget with a deficit of $3.4 billion (OMR 1.3 billion), state media reported in January, adding that the 2022 budget hit a surplus of $3 billion (OMR 1.15 billion).
The 2023 deficit represented 3% of the state's gross domestic product (GDP), the finance ministry said.
The 2023 budget has revenues of $26.1 billion (OMR 10.05 billion), a 5% decline from the figure in the 2022 budget. This year's budget also sees expenditures of $29.5 billion (OMR 11.35 billion), 6.4% lower than the previous year.
Oman mandated in March an additional $1.7 billion (OMR 650 million) to be allocated for development projects until 2025. It also allotted an additional $519.3 million (OMR 200 million) for its 2022 budget, bringing the total earmarked sum in the year to $2.8 billion (OMR 1.1 billion).
Oman’s Finance Ministry estimates the state will boost oil production by more than 10% in 2023 to 1.175 million barrels per day.
Standard & Poor's (S&P) revised upward in November Oman's rating from BB- to BB with a stable outlook. The upgrade was attributed to the improvement of the financial performance of the Gulf country and its balance of payments. In August, Fitch
Ratings upgraded the long-term foreign currency issuer default rating on Oman to BB from BB-, thanks to fiscal reforms and a reduction of external financing pressures.
The International Monetary Fund forecasts that Oman’s real GDP will grow at 4.1% in 2023, from 3% in 2021.
