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Kuwait posts 22.4 billion dollars budget surplus
KUWAIT CITY
Petroleumworld.com, Aug 30, 2010OPEC member Kuwait posted a budget surplus of 22.4 billion dollars in the past fiscal year on the back of strong oil revenues, an economic report said on Sunday, citing official figures.
It is the third largest windfall in the Gulf state's history and its 11th consecutive year of budget surpluses, which have allowed Kuwait to accumulate 145 billion dollars in public revenues, according to AFP calculations based on official figures.
In the 2007-2008 fiscal year, Kuwait posted its largest-ever budget surplus of 32.3 billion dollars, while in the previous fiscal year it posted a surplus of around 24 billion dollars.
The oil-rich emirate posted actual revenues of 61.5 billion dollars in the fiscal year that ended on March 31, up 119 percent on budget projections of 28.1 billion dollars, Al-Shall Economic Consultants said, citing finance ministry figures.
However, the figure is down on the record 2008-2009 income of 72.3 billion dollars due to a drop in oil prices and lower output because of OPEC quotas.
Actual spending after end-of-year accounting adjustments hit 39.1 billion dollars, lower than budget projections of 42.1 billion dollars and spending in the previous year of 63.6 billion dollars.
Kuwait's oil income last year -- which formed almost 94 percent of public revenues -- reached 57.6 billion dollars, compared to 68.1 billion dollars the previous year, and up from 24.1 billion dollars estimated in the 2009-2010 budget.
Kuwait tends to forecast its public revenues based on conservative oil prices, and calculated its oil income last year on a price of 35 dollars a barrel while the actual price for the year averaged around 70 dollars.
Story from AFP
AFP 08/29/2010
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