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FINANCIAL NEWS
Kuwait budget surplus grows to USD44.8b in current FY
29 Sep 2014
(MENAFN) Kuwait’s budget surplus surged to USD44.8 billion in the fiscal year to last March compared with USD44.01 billion in the previous fiscal year as government spending fell due to a drop in capital expenditure, Arab News reported.
The country’s total expenditure fell 2.1 percent from the previous year to USD65.49 billion in the 2013/14 fiscal year, while public wages, which account for more than a quarter of current spending, continued its increase and was up by 4.3 percent, reaching USD17.32 billion, although the increase was the slowest in over a decade.
Meanwhile, spending on projects, maintenance and land purchases was down by 7.3 percent to USD5.19 billion, which was partly attributed to slow progress in the government’s development plans.
Revenue was down to USD110.20 billion compared to USD110.89 billion registered in the last fiscal year due to a decrease by 2.3 percent in oil income, especially since crude oil accounts for more than 90 percent of Kuwait’s government revenues.
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