Kuwait records $20.8bn surplus in 2022/23, first in almost a decade

KUWAIT: Kuwait recorded a budget surplus of 6.368 billion dinars ($20.76 billion) in the fiscal year that ended on March 31, its first in nine years, the finance ministry said on Wednesday.

Oil revenues reached 26.713 billion dinars, a 64.7% increase from the 2021/2022 fiscal year.

The average oil price for the fiscal year was $97.1 a barrel.

Oil revenues made up nearly 93% of total revenues of 28.802 billion dinars, while non-oil revenues dropped 12.8% from a year earlier to 2.089 billion dinars, the ministry said.

Total expenditure was 22.369 billion dinars, 2.6% lower than a year earlier, it added.

Salaries and wages still made up more than half of state spending at 12.977 billion dinars, though were about 2% below the previous fiscal year.