Kuwait reports KD 1.6 bln in actual deficit for FY 23-24

The Ministry of Finance announced on Wednesday that the budget's actual deficit hit KD 1.6 billion (nearly USD 5.2 billion) in the fiscal year 2023/2024. The figure reflects a decrease of 17.9 percent compared to last year, according to a ministry press release. Oil revenues in the last fiscal year stood at KD 21.5 billion (USD 70.3 billion); a 19.4-percent decline from the previous year, while non-oil revenues inclined by 1.3 percent to KD 2.1 billion (some USD 6.8 billion). The expenditures on salaries and subsidies reached KD 14.5 billion (about USD 47.4 billion), making 81 percent of the aggregate expenditure, according to the release. It noted that the average oil price reached USD 84.36 per barrel, while the average daily production reached 2.650 million barrels. The actual deficit is the difference between the government's actual revenue and expenditures. Source: Kuwait News Agency