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$19 BILLION: Kuwait posts huge H1 surplus

Kuwait, October 26, 2010

Kuwait's budget surplus rose to 5.43 billion dinars ($19.31 billion) in the first six months of the fiscal year ending next March on higher than forecast oil revenue, while spending lagged behind, data showed on Tuesday.   

Revenue in the world's fourth-largest oil exporter stood at 9.95 billion dinars at the end of September, some 102 percent of the full-year plan, according to Reuters calculations based on data posted on the central bank's website www.cbk.gov.kw.   

The Opec member's oil revenue came in at 9.37 billion dinars and spending in the first six months to September 30 came to 4.52 billion dinars, 28 percent of the yearly plan, the data showed.

The surplus reached 4.63 billion dinars in the first five months of this fiscal year and 4.99 billion dinars in April-September of 2009.

The country's 2010/11 budget forecast a deficit of 6.58 billion dinars, assuming its crude, the main revenue earner, would fetch $43 a barrel.   

Analysts have said the budget would register the biggest surplus in the Gulf in the end because of an oil price estimate well below current market prices, which are not expected to fall sharply.

Benchmark US crude traded around $82 a barrel on Tuesday.

Analysts polled by Reuters expected a fiscal surplus of 18.9 percent of gross domestic product for the current fiscal year. - Reuters




Tags: Oil | Opec | Kuwait | budget surplus |

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