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Sun 21 Mar 2010 08:14 AM

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Kuwait revenues almost double previous estimates

Al Shall economic report says Gulf state's revenues for past 11 months hit $55.5bn.

Kuwait revenues almost double previous estimates
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Kuwait's total state earnings hit KD16.01 billion ($55.5bn) over the last 11 months - nearly double previous estimates, according to a new economic report.

According to the Al Shall economic study, revenues were 98.4 percent higher than the current fiscal yea's estimated earnings of KD 8.07 billion.

But the figures, cited by KUNA News Agency, also showed revenues were 20.8 percent lower than the level of the same period in the 2008-2009, which amounted to KD20.2 billion.

Based on the Kuwaiti Ministry of Finance, the report said actual oil proceeds were estimated at KD15.1 billion until February 28, 119.1 percent higher than previously estimated.

Some KD847.6 million in non-oil proceeds were earned during the period, compared to this government's estimated overall earnings of KD1.1 billion, according to the report.

In a report published last week, former British PM Tony Blair said Kuwait needed to change if it is to fulfil its potential and avoid an "uncertain future".

He said the Gulf state needs to make a fundamental decision about its future to ultimately be a regional powerhouse of the future.

"Kuwait's history is great with a proud tradition of entrepreneurship and trading. Its potential is enormous and its people are talented and creative. But the plain truth is, that without a change in direction, this potential will not be realised," Blair said in comments on Vision Kuwait 2035 launch.

At present oil revenues drive up to 90 percent of GDP but Blair warned of the impact of a global shift away from carbon due to worries over climate change.