Kuwait’s reveals budget surplus of $52 billion

Kuwait’s reveals budget surplus of $52 billion
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Published January 14th, 2013 - 12:14 GMT via SyndiGate.info

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Kuwait has revealed a budget surplus of $52 billion, in the first eight months of the fiscal year, buoyed by oil revenues
Kuwait has revealed a budget surplus of $52 billion, in the first eight months of the fiscal year, buoyed by oil revenues
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Reuters

Kuwait’s large budget surplus has been buoyed by strong oil revenues, which account for around 95 per cent of its revenue

 

Kuwait's Government budget surplus stood at KWD 14.7 billion ($52 billion) in the first eight months of its fiscal year.  

The April-November surplus accounts for around 33.1 per cent of the OPEC member's 2011 gross domestic product, according to a Reuters calculation based on the latest official data.

Total revenue was KWD 21.6 billion while spending reached KWD 6.9 billion, according to data from the Gulf country's finance ministry cited by Reuters.

Kuwait's cabinet approved a revised budget for the current fiscal year in October.

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