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FINANCIAL NEWS
Kuwait posts USD27.45b budget surplus
13 Apr 2015
(MENAFN) The government of Kuwait recorded a decreasing budget surplus that stood at USD27.45 billion, marking an astounding 50 percent decline, according to studies, Arabian Business reported.
The country’s GDP also declined by 6.3 percent, and the study found that the surplus of 2014-2015 fiscal year, which ended in March, is comparable to 18.1 percent of GDP.
The government said that in spite of the decline in oil revenues, which previously contributed in almost 92 percent of the country’s revenues, the spending budget is set to remain untouched for the year.
“Over the past 20 years, year-over-year changes in government spending have remained largely insensitive to annual changes in the average Brent oil price,” an official monitoring the study said.
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