Per capita 'energy' subsidy of $3,430 ranks Kuwait 3rd

According to a recent study and latest statistics issued by the International Monetary Fund for this year Kuwait occupies the third place in the global energy subsidies with the government spending per capita reaching $3,430, reports AI-Anba daily. The study, titled 'Counting the Cost of Energy Subsidies' shows Qatar topping the list of countries in the world in the proportion of energy support, reaching the per capita government spending share of $5,995, followed by Luxembourg. Saudi Arabia stands in third position among the Arab countries and fourth globally with per countries and fourth globally with per capita share of total energy subsidies of $3,395, followed by Bahrain's at $3,224, the UAE with $3,022. 

As for the single largest supporter of energy in terms of dollars China stands first followed by the United States, Russia in third place; India, Japan, Iran and Saudi Arabia come fourth, fifth, sixth and seventh respectively.

Meanwhile, according to the International Monetary Fund energy subsidies are projected at $5.3 trillion in 2015, or 6.5 percent of global GDP, according to the study. Most of this arises from countries setting energy taxes below levels that fully reflect the environmental damage associ- ated with energy consumption. Sources pointed out the energy subsi- dies today are much higher than previ- ously expected and that reducing energy subsidies from revenues are expected to reach $2.9 trillion in 2015, or 3.6 percent of global GDP

Source: KUNA