Arab Today, arab today kuwait to post record income surplus
Last Updated : GMT 14:14:03
Arab Today, arab today
Arab Today, arab today

Kuwait to post record income, surplus

Arab Today, arab today

Arab Today, arab today Kuwait to post record income, surplus

Kuwait City - AFP

OPEC member Kuwait was forecast Sunday to post its largest revenues and budget surplus ever this current fiscal year on the back of high oil prices and production, a local economic report said. Revenues of the oil-rich Gulf state in the 2011/2012 fiscal year, which ends March 31, are expected to top $100 billion for the first time, ending between $101 billion and $104 billion, the National Bank of Kuwait (NBK) said. Oil income is forecast to contribute around 95 percent of the revenues, according to NBK which said the average price for Kuwaiti oil will be about $109 a barrel way above the budget price of $60 a barrel. Kuwait, which ended the past 12 fiscal years in surplus amassing over $200 billion, will also post a record windfall topping $41 billion at the end of 2011/2012 year, NBK said. Kuwait\'s previous record revenues reached last fiscal year $79 billion, while its largest budget surplus was $33.5 billion in the 2007/2008 fiscal year. The emirate has been pumping around 3.0 million barrels per day, even when its OPEC output quota was just 2.2 million bpd. Based on official figures, the Gulf state posted revenues of $77 billion in the first three quarters of the fiscal year, up a massive 41.7 percent a year ago, with almost all the increase coming from oil. As the income rose sharply, spending also increased at a fast pace, tripling in the past six years to around $70 billion. The governor of the central bank of Kuwait Sheikh Salem Abdulaziz Al-Sabah quit earlier this month in protest at the rapid growth in public expenditures. The sharp increase in spending has caused alarm that the emirate, which has a native population of 1.17 million, could face serious consequences if oil prices crash as they did in 2008. 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. Under Kuwaiti law, 10 percent of revenues are deducted every year to go into the emirate\'s sovereign wealth fund. Returns on the fund are not included in the budget.  

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*

Arab Today, arab today kuwait to post record income surplus Arab Today, arab today kuwait to post record income surplus

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday