According to the latest economic brief published by National Bank of Kuwait, the fiscal accounts of the State of Kuwait saw a KD 1.15 billion surplus during the first six months of the current fiscal year 2001/02, compared to a projected deficit in the budget of KD 721 million. However, the surplus is significantly lower than the KD 1.93 billion realized over the same period a year ago. Behind this is a clear decline in government revenues and an increase in the level of expenditures. Total revenues fell 16 percent to KD 2.94 billion, while spending grew by 14 percent to reach KD 1.79 billion. Almost 90 percent of the increase in spending was on transfers or defense/security related. Looking ahead for the full fiscal year, NBK expects the surplus to disappear due to weaker oil prices in the second half. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
