Arab Today, arab today kuwait posts record 47 bn budget surplus
Last Updated : GMT 14:50:13
Arab Today, arab today
Arab Today, arab today

Kuwait posts record $47 bn budget surplus

Arab Today, arab today

Arab Today, arab today Kuwait posts record $47 bn budget surplus

Kuwait City - AFP

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 yesterday. The 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 favor 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.

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 posts record 47 bn budget surplus Arab Today, arab today kuwait posts record 47 bn budget surplus

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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 Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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