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Tue 10 Nov 2009 01:55 PM

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Kuwait reports $17.5bn half-year budget surplus

Oil revenues exceed forecasts; government revenue stands at KD8.22bn ($29bn).

Kuwait’s finance ministry disclosed that the oil exporter had a preliminary budget surplus of KD4.99bn ($17.5bn) in the first six months of the fiscal year through March 2010 as oil revenue exceeded forecasts, according a report.

The government revenue was KD8.22bn ($29bn), while spending totalled KD3.23bn, according to data posted on the ministry’s website on Monday.

Newswire Bloomberg reported that the country’s revenue fell 43 percent from the same period last year.

The government had forecast a budget deficit of KD4.8bn for the fiscal year, based on an oil price of $35 a barrel, it added.

According to Bloomberg, Kuwait’s oil revenue in the first six months of the current fiscal year was KD7.74bn and non-oil revenue  stood at KD471.25m, the data showed. (Reuters)

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