Oil and gas economic affairs expert Ahmed Hassan Karam said that Kuwait will report financial surplus by end of the current year, thanks to higher oil prices that exceeded $100 pb.
FY12/13 general budget estimated spending at KWD 13 billion and revenue at KWD 21 billion. The expected surplus is based on estimates that the price of Kuwaiti oil will be $65 pb and daily oil output is 2.2 bpd.
This means that Kuwait is headed for its 14th consecutive year of budget surplus, which may reach KWD 10 billion for this year.This is a clear message to world that Kuwait economy is going to improve day by day faster than other countries in this region.
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