Kuwait Reports 5.2 Billion USD Budget Deficit In FY 2023-24

(MENAFN- Nam News Network) KUWAIT CITY, Jul 25 (NNN-KUNA) – Kuwait's Ministry of Finance, yesterday, announced the 2023-24 fiscal year ending Mar, 2024, had concluded with a deficit of 1.6 billion Kuwaiti dinars (about 5.2 billion U.S. dollars) against a surplus of 6.4 billion dinars in the previous fiscal year.

The ministry said in a press release that, for fiscal 2023-24 (Apr, 2023-Mar, 2024), the total actual revenues amounted to 23.6 billion dinars, a decrease of 17.9 percent from the previous year, and an expenditure of 25.2 billion dinars, following a 12.7-percent increase.

The drop in total revenues was mainly due to a 19.4 percent decline in oil revenues to 21.5 billion dinars in fiscal 2023-24.

According to the ministry, the actual non-oil revenues amounted to 2.1 billion dinars, an increase of 1.3 percent from the previous year.

The ministry pointed out that, the average price of a Kuwaiti oil barrel was 84.36 U.S. dollars, while the daily average oil production was 2.65 million barrels.– NNN-KUNA

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