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FINANCIAL NEWS
Kuwait posts budget surplus of USD47.6b in 9 months: CB
12 Feb 2012
(MENAFN) Kuwait’s central bank said that in the country’s first 9 months of its 2011-2012 fiscal year, budget surplus expanded to USD47.6 billion, from USD25.20 billion in the previous year, reported Arab News.
The bank added that the increase in the budget surplus, which represented 37 percent of the country’s 2010 gross domestic product (GDP), resulted from high oil income and lower spending.
It also said that in the period from April-December, revenues reached around USD77 billion, whereas spending reached USD29.88 billion.
It is worth noting that in 2011, Kuwait increased social spending, including cash grants and free food rations for its citizens.
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