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Tue 26 Oct 2010 11:37 PM

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Kuwait's H1 budget surplus rises to $19.3bn

Revenue stood at 102% of the full year plan according to Reuters analysis

Kuwait's H1 budget surplus rises to $19.3bn
SURPLUS BUDGET: The surplus reached $16.4 billion in the first five months of this fiscal year and $17.7 billion in April-September of 2009

Kuwait's budget surplus rose to $19.31 billion in the first six months of the fiscal year ending next March on higher than forecast oil revenue, while spending lagged behind, data showed on Tuesday.

Revenue in the world's fourth largest oil exporter stood at $35.3 billion at the end of September, some 102 percent of the full year plan, according to Reuters calculations based on data posted on the central bank's website www.cbk.gov.kw.

The OPEC member's oil revenue came in at $33.2 billion and spending in the first six months to Sept 30 came to $16.0 billion, 28 percent of the yearly plan, the data showed.

The surplus reached $16.4 billion in the first five months of this fiscal year and $17.7 billion in April-September of 2009.

The Gulf state's 2010/11 budget forecast a deficit of $23.3 billion, assuming its crude, the main revenue earner, would fetch $43 a barrel.

Analysts have said the budget would register the biggest surplus in the Gulf in the end because of an oil price estimate well below current market prices, which are not expected to fall sharply.

Benchmark US crude traded around $82 a barrel on Tuesday.

Analysts polled by Reuters expected a fiscal surplus of 18.9 percent of gross domestic product for the current fiscal year. (Reuters)

 

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