09 Sep 2015
(MENAFN) Official data showed that Kuwait’s government registered a budget surplus of USD11.56 billion for the financial year of 2014-2015.
The surplus before the transfer to the Reserve Fund for Future Generations (RFFG) was 73 percent lower than last year’s due largely to lower oil prices.
The budget surplus narrowed to an estimated 7.5 percent of GDP, compared to an average of 24 percent of GDP during the previous five years.
The budget surplus turns into a deficit of USD8.9 billion after the deduction for the RFFG, amounting exceptionally to 25 percent of total revenues, which is usually 10 percent.
The government saw revenues decline by 22 percent in the financial year of 2014-15 to settle at USD82.26 billion, down from USD105.06 billion in the 2013-14 fiscal year.
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