Kuwait – Mubasher: Kuwait’s oil revenues in the first five months of its fiscal year 2017/2018 amounted to KWD 5.3 billion ($17.56 billion), representing 45.3% of the country’s revenues for the year estimated at KWD 11.7 billion ($38.77 billion).
Oil revenues for the period starting April until the end of August made up 92.9% of the Kuwaiti government’s total revenues, a statement by the Ministry of Finance (MoF) showed.
Kuwait’s oil output reached 2.7 million barrels per day (bpd) in August. The country had estimated oil prices in its budget at $45 per barrel (pb).
Revenues from taxes and other fees amounted to KWD 198.8 million during the five-month period, whereas other revenues reached KWD 204.2 million and non-oil revenues amounted to KWD 420.5 million.
Revenues for the period between April and August amounted to KWD 5.7 billion, represented around 42.9% of the country’s total estimated budget for FY17/18 of KWD 13.3 billion, the MoF said.
The Kuwaiti government previously logged KWD 4.34 billion in oil revenues in the four months ended July, whereas total revenues amounted to KWD 4.7 billion during the period.
Kuwait’s general budget suffered a deficit of KWD 83.55 million in the first five months of its new fiscal year, with August alone recording a deficit of KWD 49.9 million ($165.96 million), the MoF added in its statement.
Overall revenues amounted to KWD 5.7 billion between April and August, while expenses registered KWD 5.2 billion.
Kuwait’s fiscal year begins in April and ends 31 March.
