Oil price slide hits Kuwait’s revenues

FRENCH PRESS AGENCY - AFP
KUWAIT CITY
Published 16.11.2014 22:58
Oil price slide hits Kuwait’s revenues

Government revenues in Kuwait dropped 4.4 percent in the first half of the fiscal year due to declining oil prices, but the energy-rich emirate is reported to have a healthy provisional surplus. Official figures posted on the finance ministry's website put April-September public income at 15.1 billion Kuwaiti dinars compared with 15.8 billion dinars in the same period last year. Oil income, which accounts for 94 percent of revenue, dropped 5.3 percent to 14.2 billion dinars in the first half of the year from 15.0 billion dinars in 2013, according to new figures. Despite the fall, the emirate still managed to post a provisional budget surplus of 9.0 billion dinars. Spending was 6.1 billion dinars, up 19.6 percent on last year's 5.1 billion dinars.

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