Kuwait's Fiscal Overview : Government Spending and Economic Landscape in 2023-2024

Kuwait, 06 March, 2024 :  In the first nine months of the fiscal year 2023-2024, the Kuwaiti government allocated approximately 52.5% of its budget for projects and economic affairs, totaling 1.5 billion dinars out of 2.9 billion dinars. Expenditures in the oil and gas sector accounted for 82.4% of the total cost, reaching about 688.7 million dinars out of 835.5 million dinars. Meanwhile, expenditures in the electricity sector amounted to 258.3 million dinars, representing 40% of the estimated amount.

Development projects received approximately 32.2% of estimated expenditures, totaling 1.9 million dinars. Economic aid to foreign parties amounted to about 10.1 million dinars, constituting 9.2% of the appropriations estimated at approximately 110.2 million dinars. Street lighting expenditures reached 90.2% of the estimated amount at 721.8 thousand dinars out of 800 thousand dinars.

Despite efforts to collect revenue, the government faced a deficit of 1.72 billion dinars due to total expenditures and commitments reaching about 17.17 billion dinars, exceeding revenues amounting to 15.44 billion dinars during the same period.

Source : www.zawya.com