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FINANCIAL NEWS
Kuwait logs healthy spending records amid oil crisis
08 Dec 2015
(MENAFN) Kuwaiti interim public finance numbers for the first seven months of FY15/16 point to rising government spending as the oil price fell below the budgeted price, based on reports.
Additionally, capital spending continues at a better pace than the five year average, however, incomes remain pressured on the back of the decline in oil prices from the previous year.
As of Oct, recorded government spending stood at USD18.7 billion FY-to-date, which is 24 percent less than during 2014’s same period, plus the state expects FY15/16 will close with a deficit of USD8.2 billion.
Total government revenues were USD30.8 billion in the seven months to Oct, down 45 percent, and both oil and non-oil incomes saw major drops, posting drops of 46 percent and 35 percent, respectively.
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