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Capital expenditures reached KD 1.86 billion, making up eight percent of the total, which marks an 8.9 percent decrease compared to the previous year.
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Kuwait’s oil revenues comprised 91 percent of the budget, indicating that non-oil revenues amounted to just nine percent of total revenues.
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For the year ending March 31, 2024, total revenues were KD 23.6 billion, down 17.9%, with oil revenues at KD 21.5 billion and non-oil revenues at KD 2.1 billion.
In the final account statement for the fiscal year ending March 31, 2024, recently approved by the Council of Ministers, the Ministry of Finance disclosed that total actual expenditures reached KD 25.2 billion. This represents a 12.7 percent increase from the previous year, according to Al Jarida newspaper.
Salaries and subsidies amounted to KD 20.4 billion, accounting for 81 percent of the expenditures. Capital expenditures were KD 1.86 billion, making up eight percent of the total, which marks an 8.9 percent decrease compared to the previous year.
The statement revealed that total actual revenues amounted to KD 23.6 billion, a decrease of 17.9 percent compared to last year. Of this, actual oil revenues totaled KD 21.5 billion, representing 91 percent of the total revenues and marking a decrease of 19.4 percent from the previous year.
The average actual price of a barrel of oil was $84.36, with a daily production rate of 2.65 million barrels. The statement also noted that the actual deficit reached KD 1.6 billion, compared to a surplus of KD 6.4 billion in the final account for the previous fiscal year 2022/2023.
According to the final account figures for the fiscal year 2023/2024, Kuwait’s oil revenues comprised 91 percent of the budget, indicating that non-oil revenues amounted to just nine percent of total revenues.
The Ministry of Finance issued the final account statement for the state’s financial management for the fiscal year ending March 31, 2024, following discussion and approval by the Council of Ministers.
The final account details the state’s actual revenues and expenditures for the fiscal year but does not include information on the state’s financial position, financial reserves, or revenues from the Future Generations Reserve Fund, which are reinvested as stipulated by its establishment law.
Kuwait’s fiscal year runs from April 1 to March 31. For the year ending March 31, 2024, total actual revenues amounted to KD 23.6 billion, reflecting a 17.9% decrease from the previous year. Oil revenues totaled KD 21.5 billion, down 19.4% year-over-year, and non-oil revenues increased by 1.3% to KD 2.1 billion. Oil revenues made up 91% of the total revenue.
Total actual expenses rose by 12.7% to KD 25.2 billion. This resulted in an actual deficit of KD 1.6 billion, a significant shift from the KD 6.4 billion surplus reported in the previous fiscal year. The average price of a barrel of oil was $84.36, with a daily production rate of 2.65 million barrels.
