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Kuwait: Kuwait’s budget surplus for the first eight months (April 2012 to November 2012) of fiscal year 2012/2013 reached KD14.7bn ($52bn), exceeding the KD11.6bn surplus recorded at the end of the same period of FY 2011/2012, an economic report showed yesterday.
The report, by Kuwait Finance House Research, was based on data from the central bank.
It added that the state revenues stood at KD21.6bn at end of November 2012, far exceeding the budgeted amount of KD9.3bn.
Oil revenue continues to make up almost all of the government’s income, accounting for nearly 95 percent of the total revenue.
Kuwait traditionally underestimates oil prices and set it at just $65 per barrel in the FY 2012/2013 budget plan, resulting in a low revenue projection.
Brent oil prices averaged at $111.9 per barrel last year.