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Kuwait posts $20.8b budget surplus in 2009-10

11 Apr 2010

(MENAFN) Alshall Economic report said that the state budget of Kuwait for the financial year (2009-2010) ending April 7, 2010, secured a surplus of $20.76 billion, Kuwait Times reported.

By the end of February 2010, actual oil revenues reached $52.5 billion with the total oil revenues of the year hitting $57.4 billion. Actual non-oil revenues amounted to $3.8 billion which pushed the total state revenues to $61.2 billion, the report said.

Kuwait’s total expenditure did not exceed $40.13 billion as the government managed to save 4 percent of the state funds without using the appropriations for the social security.

The average price of Kuwait crude oil in FY 2009-2010 hit $68.6 a barrel which is higher by $33.6 or 96 percent than the initially projected price.

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