Kuwait records first fiscal surplus in nearly a decade

KUWAIT CITY, July 26 (AFP): Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last year's surge in oil prices.
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.
"The final account of the state's financial administration records an actual surplus for the first time in nine years," the ministry said in a statement on its website.
More than 92 per cent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 per cent increase from the previous year, the ministry said.
The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 per cent compared to the previous year. Output was 2.7 million barrels per day.