Despite a decline in oil revenue by about 2 percent of GDP, the public sector managed to hit its fiscal deficit targets for 2015 as planned. Public Sector Borrowing Requirements, totaled 4.1 percent of GDP down from 4.6 percent in 2014. The decline in oil revenue due to a slump in oil prices and a decline in the volume of production was compensated by a significant hike in income tax revenue as a result of a deferred impact of the revenue-enhancing tax reform enacted end-2013, an increase of the excise tax on domestic sales of gasoline and diesel, and significant non-recurrent revenue from the annually contracted oil price hedge.