Kuwait, July 26 (BNA): The Finance Ministry of Kuwait announced that the country recorded a surplus in the State final account amounting KD 6.4 billion (USD 20.8 billion) for the fiscal year 2022-2023, compared to an actual deficit of 4.3 billion dinars (USD 14 billion) for the previous fiscal year.
The revenues reached KD 28.8 billion (USD 93.8 billion), representing a 54.7% increase in 2022-2023. The oil revenues accounted for 92.7% of the total revenues, Kuwait News Agency (KUNA) reported.
The actual oil revenues amounted to KD 26.7 billion (USD 87 billion), showing a 64.7% increase. Meanwhile, non-oil revenues reached KD 2.1 billion (USD 6.8 billion) reflecting a decrease of 12.8%.
Total actual expenditures reached KD 22.4 billion (USD 73 billion) with a decrease of 2.6%.
The budget achieved savings of KD 1.1 billion (USD 3.5 billion) compared to the budget estimates for the fiscal year 2022-2023.
It was reported that the average actual price per barrel of oil was USD 97.1, raising by 21.4% while the daily production rate reached 2.963 million barrels. Payments and subsidies accounted for 78% of the total expenses, while actual capital spending reached 9% of the total expenditures.
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