Strong oil prices pushed Kuwait’s actual revenue above their target for the entire fiscal year and allowed it to bask in a massive budget surplus of more than $32 billion, according to a key bank in the Gulf emirate.
Spending was up by around 12.1 per cent year-on-year to nearly KDfive billion ($18 billion) in the first six months of the 2011-2012 fiscal year, which began on April 1, National Bank of Kuwait said in a study.
Revenue, mostly from oil exports, totalled nearly KD13.9 billion ($50.04 billion), exceeding the budgeted yearly revenue by around KD500 million, it said.
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