“The surplus, equivalent to 33 percent of annual 2012 GDP, was lifted by a combination of soaring revenues and comparatively softer spending growth,” Kuwait’s biggest bank said in an e-mailed report today.
Revenue was 24.3 billion dinars, including oil revenue of 22.8 billion dinars, up 13 percent from a year ago, NBK said. Spending was 8.2 billion dinars. Capital spending was 0.7 billion dinars.
Spending is “well below” the historical average for this time of year, while investment spending “has stayed relatively subdued,” the bank said. NBK projects a surplus this year of 14 billion dinars.
Kuwait posted a record budget surplus of 13.2 billion dinars in the 2011-2012 fiscal year as oil prices and output rose.
The 2012-2013 budget projects spending of 21.2 billion dinars and revenue of 13.9 billion dinars. The government said it will raise revenue allocations to its Future Generations Fund wealth fund this fiscal year to 25 percent from 10 percent to “encourage saving.”
Kuwait is the third-biggest producer in the Organization of Petroleum Exporting Countries.
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