Kuwait’s 2016-17 bud­get deficit shrinks by 60.8%: Fi­nance Min­istry

Kuwait Times - - LOCAL -

Kuwait’s fi­nal state­ment of fis­cal year (FY) 2016-17 showed deficit shrink­ing by 5.9 bil­lion Kuwaiti Di­nars (KD) ($19.5 bil­lion), or 60.8 per­cent than pro­jected deficit re­duc­tion of KD 9.7 bil­lion ($32 bil­lion), a Fi­nance Min­istry of­fi­cial said.

Ab­dul­ghaf­far Al-Awadhi, As­sis­tant Un­der­sec­re­tary of Ac­count­ing, elab­o­rated Tues­day on the bud­get and said ac­tual rev­enues of min­istries and govern­ment de­part­ments amounted to KD 13.09 bil­lion ($43.3 bil­lion), an in­crease of 127.9 per­cent than pro­jected. He added that pro­jected rev­enues were KD 10.23 bil­lion ($33.8 bil­lion) for FY 2016-17.

Al-Awadhi said oil pro­ceeds stood at KD 11.6 bil­lion ($38.3 bil­lion), an in­crease of 135.5 per­cent than pro­jected in­come that was es­ti­mated at KD 8.6 bil­lion ($28.4 bil­lion). Non-oil rev­enues for FY 2016-17 reg­is­tered around KD 1.4 bil­lion ($4.6 bil­lion), 12.6 per­cent less than pro­jec­tions.

Al-Awadhi said to­tal ex­pen­di­tures of min­istries and govern­ment de­part­ments reached KD 17.7 bil­lion ($58.5 bil­lion), which ac­counted for 93.7 per­cent of bud­getary spend­ing es­ti­mates. He said 10 per­cent of rev­enues, or KD 1.3 bil­lion ($4.2 bil­lion), were trans­ferred to the Fu­ture Gen­er­a­tion Ac­count.

Con­sumer Price In­dex

In other news, Con­sumer Price In­dex (CPI) data shown in Kuwait’s Cen­tral Sta­tis­ti­cal Bureau’s (CSB) monthly re­port, is now based on the year 2013, in­stead of 2007, said an of­fi­cial yes­ter­day. In a press con­fer­ence, CSB’s As­sis­tant Un­der­sec­re­tary for the Sta­tis­tics De­part­ment Muna Al-Daas noted that the task to up­date the in­for­ma­tion topped the bureau’s to-do-list for the year. On the re­vised base year of 2013, now found in CPI re­ports across the Gulf, she said it was in line with in­ter­na­tional stan­dards and the data has been re­vised, checked and tab­u­lated by a na­tional work­force.

The of­fi­cial added that CSB is­sues around 43 spe­cial re­ports on yearly, quar­terly and monthly bases, in ad­di­tion to seven na­tional sur­veys that have thus far been con­ducted, fo­cus­ing on the job mar­ket as well as in­for­ma­tion on de­vel­op­ment and the oil sec­tor. The var­i­ous in­dexes sum­ma­rize the prices of about 1,400 goods and ser­vices, taken from 470 rep­utable sources from within the United Na­tions and the In­ter­na­tional Mon­e­tary Fund.

Mean­while, Huda Al-Sultan, an­other CSB of­fi­cial, re­vealed that Kuwait has reg­u­larly up­dated its CPI base year, through en­list­ing the aid of in­ter­na­tional spe­cial­ists who have im­parted their knowl­edge to lo­cal ex­perts. Ac­cord­ing to the re­port, the CPI in June of this year in­creased by 0.09 per­cent, as com­pared to May of last year, while the an­nual CPI had risen by 1.35 per­cent. The CPI ex­am­ines the weighted av­er­age of prices of a bas­ket of con­sumer goods and ser­vices, such as trans­porta­tion, food and med­i­cal care. —KUNA

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