Kuwait Business: Kuwait revenue to double to $75.5bn in 2022/23 – Gulf Digital News

Kuwait Business: Kuwait revenue to double to $75.5bn in 2022/23 – Gulf Digital News

Kuwait's total budgeted revenue for 2022/23 is expected to more than double and reach an 8-year high of KD23.4 billion to ($75.5 billion) on the back of increased oil revenues.

This is 114.1% increase over KD10.9 billion estimated for the fiscal year 2021/2022.

The planned spending is expected to increase this year and reach the highest level on record of KD23.5 billion, mainly due to increase in salaries and subsidies.

The National Assembly of Kuwait has approved the budget which forecasts a small deficit for the eighth consecutive year.

The revenues are calculated with a budgeted crude oil price of $80/barrel, while the budget for the previous year was calculated on $45/barrel, said a Kamco Invest report.

This could mean that the actual revenues could be significantly higher as oil prices continues to remain elevated this year, it said.

Brent crude averaged at $105.5 per barrel since the start of the year, while Kuwait crude oil and Opec crude basket averaged at $105.1 per barrel and $103.0 per barrel, respectively, according to EIA and Bloomberg.

The budget assumes no transfers to the Future Generation Fund (FGF) for the current year and for 2022/2023 after the law introduced last year which said that there would be no transfers