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Mon 29 Mar 2010 11:32 AM

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Kuwait posts $28.7bn budget surplus for 11 months to Feb

Revenue was 98 percent more than forecast for the fiscal year through March.

Kuwait posted a preliminary budget surplus of 8.3 billion dinars ($28.7bn) in the 11 months through February, the Finance Ministry said.

Revenue was 16 billion dinars, or 98 percent more than forecast for the fiscal year through March, according to data posted on the ministry’s Web site today. Spending was 7.7 billion dinars, compared with 12.1 billion dinars projected for the year.

Oil revenue was 15.2 billion dinars in the period and non- oil revenue 847.6 million dinars, the data showed.

The government had forecast a budget deficit of 4.8 billion dinars for the fiscal year, based on an oil price of $35 a barrel. It had a surplus of 2.74 billion dinars in the previous year. Oil is currently trading at about $80.

Kuwait, the fifth-biggest oil producer, along with the UAE, in the Organization of Petroleum Exporting Countries, plans to increase spending by about 34 percent in the next fiscal year and is projecting a budget deficit of 6.46 billion dinars, based on an oil price of $43 a barrel.

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