Kuwait’s reveals budget surplus of $52 billion

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

Kuwait’s large budget surplus [2]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 [3] ($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, [4] 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.

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