kuwait posts huge budget surplus
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kuwait posts huge budget surplus

Arab Today, arab today

Arab Today, arab today Kuwait posts huge budget surplus

Kuwait City - AFP

OPEC member Kuwait has posted a provisional budget surplus of $29.5 billion in the first five months of the fiscal year compared to a projected deficit of $21.6 billion on the back of high oil prices. Revenues until August 31 reached $43.1 billion, way above estimates and as high as 88.4 percent of income projected for the 2011/2012 fiscal year, according to figures posted Thursday on the finance ministry's website. Oil income reached $41.1 billion due to sharp increases in crude prices, a value more than 90 percent of the annual estimate of $44.6 billion. Kuwait has calculated oil revenue at a highly conservative price of $60 a barrel while actual average prices have been around $110 a barrel during the period. Provisional spending in the same period came at just $13.6 billion compared to projected expenditures of $70.3 billion. Spending is likely to rise as the year progresses after accounting adjustments are made. Kuwait, currently OPEC's third largest producer with 2.9 million barrels per day, has ended the past 12 fiscal years in the black, amassing surpluses of around $200 billion. National Bank of Kuwait has forecast that Kuwait would post record revenues of up to $113 billion and a budget surplus of around $50 billion due to sharp rises in oil prices and production. Kuwait, which says it sits on 10 percent of proven global crude reserves, has also amassed assets of more than $300 billion run by the Kuwait Investment Authority, the emirate's sovereign wealth fund.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait posts huge budget surplus kuwait posts huge budget surplus

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait posts huge budget surplus kuwait posts huge budget surplus

 



GMT 23:04 2017 Monday ,04 December

Saudi Arabia recalls ambassador to Germany

GMT 02:47 2014 Monday ,17 November

Qatar Library to take part in Conference

GMT 18:17 2018 Friday ,07 September

US Defence Secretary arrives in Kabul

GMT 03:28 2018 Sunday ,21 January

Emirates throws Airbus A380 a lifeline

GMT 15:20 2017 Wednesday ,20 December

Oman Arab Bank launches advanced automation system

GMT 04:56 2017 Thursday ,22 June

ASEAN journalists conclude silk road media journey

GMT 08:08 2015 Thursday ,05 November

UAE media has matured, delivered remarkable successes

GMT 22:37 2016 Thursday ,17 November

Japan aims to increase food exports to GCC

GMT 08:40 2013 Saturday ,02 February

Saladin

GMT 00:12 2016 Sunday ,01 May

December 21 - January 18

GMT 05:35 2017 Wednesday ,25 October

Rio policeman who killed Spanish tourist charged
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday