Arab Today, arab today kuwait doubles budget income thanks to oil
Last Updated : GMT 18:42:37
Arab Today, arab today
Arab Today, arab today

Kuwait doubles budget income thanks to oil

Arab Today, arab today

Arab Today, arab today Kuwait doubles budget income thanks to oil

Kuwait - Arabstoday

Gulf state\'s income stood at a record $96.8 billion at the end of February, according to finance ministry data. Kuwait has posted twice the revenues it predicted for its 2011-2012 budget in only 11 months of the fiscal year, thanks to the high price and output of oil, official data shows. The Gulf state\'s income stood at a record $96.8 billion by the end of February, up from the budget projection of $48.4 billion for the year to 31 March, according to figures posted on the finance ministry website late on Monday. The revenues rose 44.1 percent from a year ago mainly due to higher oil prices and a sharp increase in output to about 3.0 million barrels per day from around 2.3 million bpd the previous year. Oil income, which accounts for 95 percent of public revenue, reached $91.7 billion in the first 11 months of the fiscal year, up 45.8 percent from a year ago. Budget revenues from oil had been calculated at a conservative price of $60 a barrel, while the actual average price for the 11 months was $109 a barrel. Spending, meanwhile, was almost half of that foreseen in the budget. The ministry data showed expenditure at $38.9 billion after 11 months, from the budget estimate of $70 billion. This leaves a provisional budget surplus of $57.9 billion, double that of the previous year. It will be the 13th straight year of a surplus for Kuwait, which has amassed more than $200 billion in surpluses in the past 12 years. Both the actual revenue and budget surplus are the highest ever achieved by Kuwait. Kuwait\'s previous record revenues was $79 billion in the 2010-2011 fiscal year, while its largest budget surplus was $33.5 billion in the 2007-2008 fiscal year. National Bank of Kuwait forecast Tuesday that the actual budget at the end of the fiscal year will be lower at around $43 billion due to end-of-year accounting adjustments. 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. From: Ahram online

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*

Arab Today, arab today kuwait doubles budget income thanks to oil Arab Today, arab today kuwait doubles budget income thanks to oil

 



Arab Today, arab today

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 doubles budget income thanks to oil Arab Today, arab today kuwait doubles budget income thanks to oil

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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