Kuwait – Mubasher: An economic report by Alshall Consulting expected that Kuwait’s budget deficit for fiscal year 2017/2018 will reach between KWD 5 billion and KWD 6 billion.
The report based its forecast on the Kuwaiti oil price at the end of the first month of FY17/18 (April), which amounted to $50.4 per barrel (pb).
Oil prices in April 2017 increased about $5.4 or 12%, which is higher than the hypothetical price of FY16/17 at $45 pb, and also $15.4 higher than last year’s price of $35, the report added.
Kuwait’s oil revenues in April stood at KWD 1.06 billion, Alshall indicated.
Total revenues of the FY16/17 budget will stand at KWD 14.3 billion, while non-oil revenues will account for KWD 1.6 billion, according to the report.
