Kuwait records a budget deficit of 682.4 million dinars in the first nine months of its financial year.
18 January 2022, 12:00 AM
31 January 2022, 12:00 AM
Kuwait recorded a budget deficit of 682.4 million dinars in the first nine months of its financial year, which ends in March 2022, the ministry’s preliminary report said.
The Gulf OPEC member’s oil revenue reached 11.5 billion dinars ($38.10 billion) in the nine months to the end of December, the Ministry of Finance said in a report on Monday.
Kuwait's economy depends on oil, accounting for 90% of exports and government revenue.
Kuwait produced an average of 2.43 million b/d in 2020 and, S&P Global Ratings forecasts it will decrease to 2.39 million b/d in 2021 before rebounding to 2.78 million b/d in 2022, 3.1 million b/d in 2023 and 3.2 million b/d in 2024, S&P Global Ratings said in a report