Kuwait Posts Smaller Deficit for Last Fiscal Year on Higher Oil
- OPEC member posts highest non-oil revenue in seven years
- Political tension has slowed efforts toward fiscal reform
An employee of the Kuwait Oil Company views an oil field in Kuwait City.
Photographer: Yasser al-Zayyat/AFP/Getty ImagesThis article is for subscribers only.
Kuwait’s fiscal deficit narrowed to 3 billion dinars ($9.8 billion) in the year through March, a drop of more than 72% on the previous year as oil prices recovered.
The OPEC member recorded the highest non-oil revenue in seven years, up 38.5% to 2.4 billion dinars, according to a Ministry of Finance statement on Sunday. Oil revenue surged 84.5% to 16.2 billion dinars.