Kuwait reports $60.7bn oil revenue in fiscal year 2018

Kuwait reports $60.7bn oil revenue in fiscal year 2018
Published: 30 July 2019 - 10:15 a.m.
By: Carla Sertin

Kuwait reported oil revenue of $60.7bn for the 2018 fiscal year ending March 31, 2019, according to state news agency KUNA. This is a 24% increase from the previous year. Its non-oil revenue also grew 24% to hit $6.9bn.

"For the second year in a row, the State of Kuwait's non-oil revenues continued to grow by 24% year on year, capital expenditure remains a healthy proportion of the total expenses at 14%," said Kuwait's finance minister, Nayef Al-Hajraf.

He estimated that capex would reach 17% of total expenditure in 2019, attributing the expected increase to initiatives to "stimulate economic growth and to serve Kuwait's 2035 vision, New Kuwait."

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