Total revenues for the year were KD21.1bn ($72.8bn) while expenditure was KD15bn.

The government’s draft budget for the year projected a deficit of KD7.5bn with revenues of KD12.7bn and expenditure of KD18.97bn.

Oil revenues for the year were well above budget, at KD19.9bn compared with projected revenues of KD11.7bn.

The 2008-09 budget used an average price of $50 a barrel, while 2008 saw prices as high as $147.50 a barrel for the US’ benchmark West Texas Intermediate.

The average price of the Opec basket of 12 crudes, which include Kuwaiti crude, was at $51.45 a barrel at the last available quotation on 17 April.

The government will produce final spending numbers once the ministries have submitted their actual spending figures for the year.

The Finance Ministry should publish a definitive report in June.

Kuwait posted a KD9bn surplus in 2007-08.