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FINANCIAL NEWS
Kuwait posts $22.4b budget surplus
16 Sep 2010
(MENAFN) A report issued by the National Bank of Kuwait said that the Gulf state posted a budget surplus for the 11th consecutive year amounting to $22.4 billion in the 2009-2010 fiscal year, compared to $9.4 billion of the previous fiscal year, Reuters reported.
The NBK said in a report about the state financial status, released on Wednesday, that revenues dropped 16 percent as a result of the decline of the prices and production of oil. However, they constituted 219 percent of the endorsed budget figures.
Expenditures fell 38 percent, however they remained constituting 93 percent of the adopted fund in the budget, the NBK report said.
Oil revenues stood at $57.4 billion, 16 percent lower than those posted in the previous fiscal year, where the average oil price of the Kuwaiti crude oil reached $68.3 per barrel during this period of time, compared to $78.5 pb of the same period of last year.
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