kuwait 20112012 income surplus at record high
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

High oil output boosts OPEC member

Kuwait 2011-2012 income, surplus at record high

Arab Today, arab today

Arab Today, arab today Kuwait 2011-2012 income, surplus at record high

OPEC member Kuwait record budget surplus and revenues
Kuwait City - Agencies

OPEC member Kuwait record budget surplus and revenues OPEC member Kuwait has posted record budget surplus and revenues in the 2011-2012 fiscal year that ended on March 31 on the back of high oil output and price, an economic report said on Sunday.
The oil-rich Gulf state posted a historical budget surplus of 13.2 billion dinars ($47 billion) for the 13th consecutive fiscal year, the Al-Shall Economic Consultants said in a report citing official figures.
The previous highest surplus of 9.33 billion dinars ($33.2 billion) was posted in the 2007-2008 fiscal year when oil prices skyrocketted to a record $147 a barrel.
Kuwait had projected a deficit of $21 billion for 2011-2012 because it calculated oil income at $60 a barrel compared to the actual $110 a barrel and oil output at 2.2 million barrels per day compared to the actual production of 3.0 million bpd.
Kuwait has projected a deficit in each of the past 13 fiscal years but ended in surplus mainly for calculating oil income at a very conservative price.
During that period, the emirate has accumulated about $250 billion in budget surpluses and is also expected to end the current year in the black, if oil prices remain high.
Under Kuwaiti law, 10 percent of revenues are deducted every year in favour of the emirate's sovereign wealth fund, the assets of which are estimated at about $400 billion. Returns on the fund are not included in the budget.
Revenues in the past fiscal year hit a record 30.2 billion dinars ($107.5 billion), Al-Shall reported, more than twice the budget projections of $47.7 billion.
Last year's income is 40.5 percent higher than the previous record of 21.5 billion dinars ($76.5 billion) posted in the 2010-2011 fiscal year.
Oil revenues also reached a record 28.6 billion dinars ($101.7 billion) making up 94.5 percent of total income and more than twice the budget projections.
Spending was 17.0 billion dinars ($60.5 billion), down 12.5 percent on budget projections but a small five percent rise from the previous year.
Kuwait has not yet issued its budget for the current fiscal year of 2012/2013 although it has started on April 1 due to a political dispute between the government and parliament.
The Gulf state adopts a cradle-to-grave welfare policy where a majority of citizens are employed by the government, receive handsome salaries, pay no taxes and receive services at low charges or for free.
Kuwait, with a native population of 1.2 million in addition to 2.5 million foreigners, says it holds 10 percent of global crude reserves.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait 20112012 income surplus at record high kuwait 20112012 income surplus at record high

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait 20112012 income surplus at record high kuwait 20112012 income surplus at record high

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday