(MENAFN- Qatar News Agency) Kuwait's budget of the financial year 2012/2013 is expected to produce a large surplus as high as KD 14 billion, despite higher government spending levels backed by the growing oil revenues, the National Bank of Kuwait (NBK) said in a report released Wednesday.
"The budget surplus for the first 10 months of FY 2012/13 (April - January) climbed to KD 17.2 billion, before allocations to the Reserve Fund for Future Generations. This is equivalent to 35 percent of annual 2012 GDP. "With reported spending likely to accelerate further in coming months, we expect the budget to close the year at a lower KD 14 billion - still an all-time high," read the NBK report.
The report attributed the budget surplus to the increasing Kuwait oil production and revenues. "Total revenues reached a massive KD 27.0 billion in the 10 months to January, led by soaring oil revenues. Oil receipts were up by some 12 percent y/y despite a 2 percent y/y decline in Kuwait Export Crude prices over the same period,the report said, according to the kuwaiti news agency KUNA. The rise is partly explained by a 7 percent y/y increase in oil production."
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