Kuwait’s Non-oil revenue falls 12.8%

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KUWAIT CITY, July 26: The Kuwait Ministry of Finance today announced the State of Kuwait’s closing accounts for the fiscal year ending March 31, 2023. The State’s accounts recorded KD28.8 billion in revenue, KD22.4 billion in expenditure, and closed with a fiscal surplus of KD6.4 billion.

The State of Kuwait’s fiscal year starts on April 1st and ends on March 31st. (By law, the Closing Accounts do not include revenue from the Future Generations Fund (FGF, also known as the Kuwait Sovereign Wealth Fund), which is managed by the Kuwait Investment Authority.

All investment gains from FGF activities are reinvested into the FGF as mandated by its governing law.) H.E. the Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, and Minister of Finance (Acting) H.E. Saad H. Al-Barrak said: “The State’s accounts have experienced a healthy recovery in terms of liquidity, driven mostly by rebounding crude oil prices during the fiscal year and aided by controlled expenditure. Today, Kuwait has one of the strongest sovereign balance sheets in the world, with one of lowest sovereign debt to GDP levels globally, and a strong rebounding economy”.

22/23 Revenue Highlights:
■ Total Revenue: KD28.8 billion, up 54.7% from closing 21/22
❍ Oil revenue: KD26.7 billion, up 64.7% from closing 21/22
❍ Non-oil revenue: KD2.1 billion, down 12.8% from closing 21/22
■ Average Kuwaiti crude selling price for the fiscal year: USD 97.1 per barrel, up 21.4% from closing 21/22
■ Average oil production: 2.693 million barrels per day.

22/23 Expenditure Highlights:
■ Wages and subsidies: KD17.4 billion, comprising 78.0% of all expenditure.
■ Capital Expenditure: KD2.1 billion, comprising 9.0% of all expenditure.
■ Total Expenditure: KD22.4 billion down 2.6% from last year’s closing accounts.

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