Kuwait sets out $73.7bn budget for 2013/2014

18 July 2013

The budget forecasts a deficit on KD2.9bn

Kuwait has issued its budget for 2013/2014, which sets out spending of KD21bn ($73.7bn) over this period.

The budget was issued by the emir in decree, as the parliament is dissolved, on 17 July. The budget forecasts a deficit of KD2.9bn, significantly lower than the KD7.2bn deficit predicted in the 2012/2013 budget.

The 2013/2014 budget has been set based on an oil price of $70 a barrel, an increase on the $65 a barrel set in the 2012/2013 budget, but is still regarded as conservative.

Kuwait’s fiscal year runs between April 1 and March 31. Figures for the fiscal year up until March 2013 have not yet been released, but provisional data suggest a surplus of around $38bn. The surplus is mainly due to a combination of the conservative oil price and a lag in public spending.

You might also like...

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications