Kuwait records $19.9b budget surplus

06 Dec 2010

(MENAFN) Kuwait’s Ministry of Finance showed that the country’s budget surplus has broadened to $19.9 billion during the first seven months of the fiscal year which starts in April, as a result of oil revenues and lower spending, Reuters reported.

The Opec member’s revenues reached $40.8 billion by October-end of the current year, registering a 19.1 percent surge, year on year.

Data showed that Kuwait’s oil revenue accounted for 94 percent of the total income, while spending in the first seven months reached $21 billion, 36.4 percent of the full year plan.

The world’s fourth-largest oil exporter’s 2010/2011 budget forecasts a deficit of $23.3 billion, assuming its crude, the main revenue earner, would fetch $43 a barrel.

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