FINANCIAL NEWS

Kuwait’s income drops on plunging oil prices

05 Apr 2015

(MENAFN) According to figures released by the Kuwaiti Finance Ministry, the country’s revenues declined by one fifth in the first eleven months of the financial year, Arab News reported.

The Gulf state revenues reached USD77.3 billion at February-end, down by 19.7 percent from the USD96 billion year-on-year. The drop was driven by the decline in global oil prices.

Oil income still represented 91.4 percent of total public income. Oil lost around 60 percent of its value since June due to oversupply, with a strong dollar and a weak global economy reducing demand.

Despite the sharp drop in revenues, the Gulf state posted a provisional budget surplus of USD32.89 billion dinars and it is expected to end the year with a windfall for the 16th consecutive year.

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