Kuwait’s Apr-Aug budget surplus grows to USD29.2b

07 Oct 2011

(MENAFN) Kuwait’s finance ministry said that in the period from April to August, representing the first five months of the government’s 2011-2012 fiscal year, the country’s budget surplus grew to USD29.2 billion, reported Arab News.

The ministry added that the expansion resulted from the increase in oil revenue and low spending, moreover, the surplus represented 22 percent of the country’s gross domestic product (GDP).

It also said that from April to August, the country’s revenue reached USD42.8 billion whereas oil revenue reached USD40.6 billion, on the other hand, spending in the period reached USD13 billion.

It is worth noting that Kuwait has no plans to increase budget spending in the next fiscal year, furthermore, the government has no plans to slash its budget in the coming months.

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