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Kuwait posted KD14.7bn in 8-month budget surplus
- Kuwait: Sunday, January 20 - 2013 at 04:23
According to a report by Finance House Research, Kuwait's budget surplus for the period between April 2012 and November 2012 of fiscal year 2012/2013 jumped to KD14.7bn, exceeding the KD11.6bn surplus recorded a year earlier, Kuna has reported. ""Oil revenue continues to make up almost all of the government's income, accounting for nearly 95% of the total revenue," said the report. "Kuwait traditionally underestimates oil prices and set it at just $65 per barrel in the 2012/2013 budget plan, resulting in a low revenue projection," it said.
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