KUWAIT – Kuwait reported a record-high surplus of KD13.2 billion for the 2011-2012 fiscal year, its thirteenth consecutive surplus, amid increasing oil prices and lower levels of spending. Oil averaged at $110 per barrel over the course of this fiscal year, and project spending fell in that time. Spending rose by just 4.8 percent over the previous fiscal year, increasing by KD17 billion. Those figures are slightly skewed by an Amiri grant issued in the 2010-2011 fiscal year. The spending increase would have been 13 percent without the grant. Actual spending data totaled just 88 percent of the budget, far below the 94 percent average over the last five years. Spending increases were found in salaries and wages, which jumped by KD680 million. Current spending hit 92 percent of initial budgets, falling under the historical average of 97 percent. Capital spending dropped by 2.3 percent, year-on-year, hitting KD1.8 billion. The Ministry of Electricity & Water was the largest contributor to spending decreases, shaving 17 percent or KD174 million from their total. Capital spending ended up at 64 percent of budgeted amounts, under the historical average of 75 percent. Those figures fell below expectations, considering the 2011-2012 fiscal year is the second in a four-year development plan outlining increased spending. Some expected the lower figures, as major elements of the development plan have yet to begin. Revenue increased by KD30.2 billion or 41 percent over the previous year. Higher oil prices have boosted revenue, averaging $110 per barrel and up by 34 percent. Oil receipts were up by 43 percent year-on-year and reached KD28.6 billion. Non-oil earnings made up nearly 6 percent of total revenue, right on target with historical data and up by 7 percent year-on-year or KD112 million. – SG/Agencies
