Kuwait’s economy is at an inflection point | GulfNews.com

Kuwait’s economy is at an inflection point | GulfNews.com:

"Kuwait’s economy is showing enough signs of resilience to cope with the plunge in oil prices since the second half of 2014. Newly releases stats suggest the possibility of posting a surplus of $11.5 billion in fiscal year 2014-15 (before the transfer to general reserves).

The figure represents 7.5 per cent of the gross domestic product, though down from an significant surpluses posted in the last five years. This, of course, reflects the drop in revenues by 22 per cent and the rise of expenditures by 13 per cent during the current fiscal year.

Notably, the authorities opted to increase the spending despite the lower oil revenues, which in turn says much about societal imperatives."



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