By Fiona MacDonald
Jan. 25 (Bloomberg) -- Kuwait’s government had a preliminary budget surplus of 9.824 billion dinars ($34.1 billion) in the first nine months of the fiscal year, the Finance Ministry said.
Income was 18.554 billion dinars and spending 8.73 billion dinars, or 46 percent of projected expenditure for the year ending March 31, according to data posted on the ministry’s Web site. Some 10 percent of revenue will be saved in the Reserve Fund for Future Generations.
Oil revenue was 17.57 billion dinars in the first nine months of the year, 50.8 percent more than budgeted, the data showed. Non-oil revenue was 979.4 million dinars. Total revenue for December was 827.7 million dinars, the lowest monthly income so far in the current fiscal year due to the drop in oil prices. Revenue was estimated with an assumed oil price of $50 per barrel.
Kuwaiti crude oil dropped to $36.42 on Jan. 20, falling 73 percent since its July record of $135, the state-run KUNA news agency reported. The Gulf state, which is the third-largest oil producer in the Organization of Petroleum Exporting Countries, produced 2.5 million barrels of oil a day in December.
To contact the reporter on this story: Fiona MacDonald in Kuwait FmacDonald4@bloomberg.net
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