Kuwait posted a budget surplus of KD6.4bn ($22.2bn) for the 2009-2010 financial year, a 137 per cent increase from the KD2.7bn recorded the previous year. This ranks as the country’s 11th consecutive budget surplus.

Total expenditure fell 38 per cent year-on-year to stand at KD11.3bn.

The country’s revenues fell 16 per cent due to lower oil prices and associated production cuts. The price of Kuwait Export Crude (KEC) averaged $68.3 per barrel compared to $78.5 in the previous financial year. This led to a 16 per cent drop in oil revenues over the same period to stand at KD16.6bn.    

Meanwhile, non-oil revenues declined 15 per cent year-on-year to KD1.1bn.