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Thu 4 Dec 2008 06:51 AM

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Kuwait sees big spike in 2008 revenues

Report reveals Gulf state's economy posted $35bn surplus for first seven months of fiscal year.

Kuwait posted a preliminary surplus of 9.7 billion dinars ($35.2 billion) for the first seven months of the current fiscal year, according to new figures.

This compared to 6.4 billion dinars for the same period last year, the National Bank of Kuwait (NBK) said in a report.

It said revenues were running way ahead of last year, thanks to the spike in oil prices during the first six months of the fiscal year, reported news agency KUNA.

And spending is behind budget, due to reporting delays and slow project execution in some cases.

However, later adjustments to spending after the close of the fiscal year are expected to lift spending data and reduce the surplus, said the NBK in its latest economic brief on public finance.

High oil prices in the first months of the fiscal year kept revenues at more than twice the budget projection.

However, the reported added that the recent decline in oil prices is bound to lower this year's estimated surplus quite significantly by fiscal year end (March 2009).

NBK also noted that non-oil revenues saw a considerable increase of 26.7 percent to reach 816 million dinars.

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