Kuwait posts budget surplus for 11th consecutive year

September 16, 2010

Kuwait posted a budget surplus for the 11th consecutive year, the National Bank of Kuwait (NBK) said.

The surplus in the 2009-2010 fiscal year was KD 6.4 billion, up from KD 2.7 billion in the previous fiscal year, the bank said.

The NBK said in a report about the state financial status, released on Wednesday, that revenues dropped 16 per cent as a result of the decline of the prices and production of oil.

However, they constituted 219 per cent of the endorsed budget figures, the bank said in a statement carried by Kuwait News Agency (KUNA).

Expenditures fell 38 per cent; however, they constituted 93 percent of the adopted fund in the budget, the NBK report said.

Oil revenues stood at KD 16.6 billion, 16 percent lower than those posted in the previous fiscal year, where the average oil price of the Kuwaiti crude oil reached $68.3 per barrel during this period of time, compared to $78.5 in the same period of last year.

Non-oil income amounted to KD 1.1 billion, dropping 15 per cent compared with last year, and the decline of economic activity during the 2009-2010 fiscal year had an impact on the non-oil government yields, particularly during the first three quarters of the fiscal year, the report said.




About the author

Born August 3, 1960 in Monastir, Tunisia
Media career:
  • ABC News (Tunisia)
  • Bahrain Tribune
  • Gulf News
  • Bahrain Television News
Teaching career:
  • Monastir (Tunisia)
  • University of Bahrain
  • MA  Mass Communications, University of Leicester
  • BA  in English & US literature and studies, University of Tunis

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