Kuwait budget surplus up to $25.09b

22 Jan 2011

(MENAFN) Kuwait’s Finance Ministry reported a $25.09 billion surplus in the country’s budget during the first three quarters of Kuwait’s fiscal year due to a decrease in spending as well as oil revenues registering higher amounts than forecasted, reported Arab News.

Kuwait also reported on December a 17 percent increase, year-on-year, in revenues amounting to 15.13 billion.

The ministry said that 93 percent of income came from oil sales. It added that expenditures amounted to only 46 percent of the full plan.

Kuwait had earlier forecasted a budget deficit of $23.4 billion based on previous oil revenue calculations.

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