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Kuwait posts $19.9b surplus in first 7 months

Kuwait posts $19.9b surplus in first 7 months

KUWAIT CITY: Kuwait had a preliminary budget surplus of $19.9 billion in the first seven months of the fiscal year ending in March 2011, the Finance Ministry said.

State income was $40.8 billion, or 118.7 percent more than projections, and spending was $5.9 billion, according to data posted on the ministry’s website today. About 10 percent of revenue will be saved in the Reserve Fund for Future Generations.

Oil revenue was $38.7 billion in the seven months to October 31 while non-oil revenue was $2.3 billion, the data showed.

Kuwait recorded a budget surplus of $22.8 billion in the 2009/10 fiscal year after oil revenue was more than double the forecast. The government had forecast a budget deficit of 4.86 billion dinars for the fiscal year, based on an oil price of $35 a barrel. It had a surplus of $9.73 billion in the previous fiscal year. Oil is currently trading at about $89.

Kuwait projected a budget deficit of $23.4 billion in the current fiscal year that started April 1, based on an oil price of $43 a barrel. Spending was forecast at $57.9 billion and revenue at $34.4 billion.

Kuwait was the fifth biggest producer in the Organization of Petroleum Exporting Countries in November. The country produced 2.30 million barrels of oil a day on average, according to Bloomberg data.