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Kuwait revenue beats budget forecast on high oil

By Agencies

Kuwait's actual state revenue in the first 10 months of the 2007/08 fiscal year stood at almost double the budget forecast as oil prices surged for most of the period, official figures showed.


Two months before the end of the year to March, revenue amounted to 15.35 billion dinars ($56.31 billion; Dh206.66 billion), compared to a budget estimate of 8.3 billion dinars, according to a finance ministry's monthly bulletin received on Thursday.


Actual expenditure was 5.8 billion dinars, about half of initial projection of 11.3 billion dinars. The new figures indicate a surplus of 9.55 billion dinars while the budget assumed a deficit of 3.18 billion dinars.


Soaring oil prices were behind the jump as Kuwait, the world's seventh-largest oil exporter, has assumed a conservative oil price average of $36 (Dh132.12) a barrel in predicting the year's revenue.


Oil revenue amounted to 14.4 billion dinars compared to a full year estimate of 7.45 billion dinars.


The US crude benchmark hit a record of $102.08 (Dh374.63) on Wednesday and Kuwait's crude fetched $91.83 (Dh337.02) a barrel.


Oil exports are the Gulf Arab state's main revenue earner, accounting for almost 95 per cent of state income.  (Reuters)