FINANCIAL NEWS

Kuwaiti budget surplus down to USD35.9b in this fiscal year

22 Feb 2015

(MENAFN) Kuwait’s government budget excess decreased 26 percent in the first nine months of this financial year due to lower oil prices, diminishing government’s revenue, Gulf News reported.

The budget surplus, amounted to USD35.9 billion between April and December, decreased from USD48.29 billion a year before. The downfall was due to a plunge in oil prices, statistics showed.

According to the National Bank of Kuwait (NBK) calculations, the surplus for the full fiscal year to the end of March would total USD13.84 billion, which is the smallest surplus in six years.

The government’s expenditure increased 10 percent hitting USD35.7 billion in the first nine months of the fiscal year. Capital spending also showed an increase of 31 percent to USD3.03 billion.

According to a draft released by the government last month, predicted deficit for the next fiscal years predicted would amount to USD27.79 billion.

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