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| Today: 09 February 2010 Time: 09:38 PM |
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| Kuwait oil earnings post lowest growth since 2002 - NBK |
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| Economics 2/12/2008 10:57:00 PM |
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KUWAIT, Feb 12 (KUNA) -- Kuwait's oil revenues recorded their lowest growth
in the first nine months of the instant fiscal year compared to the same
period of the previous FYs since 2002, the National Bank of Kuwait (NBK) said
here Tuesday.
Oil earnings for the first nine months of this FY went up by 11 percent
compared to 19 percent in the same period of last year, the NBK said in an
economic brief.
The continued hike in oil prices was the main reason for oil earning
growth, it said, adding that oil prices had averaged USD 70 per barrel, but
OPEC oil output led to lower revenues.
Non-oil revenues recorded a stronger growth of 37 percent, posting KD 854
million, the NBK said.
On governmental expenditure, it showed that it had sharply edged up, but
there was a larger drop in the volume of extraordinary transfers to the Public
Institution for Social Security.
Governmental expenditure related to pays and salaries shot up notably as a
result of state manpower expansion, having posted KD 238 million, up 27
percent, in the first nine months of the present FY, it added.
The Ministry of Education had the highest pay rise of KD 87 million,
followed by the Ministry of Electricity and Water; KD 45 million, while the
Ministry of Health had a dwindling level of pays worth KD 14 million, it noted.
As to construction and maintenance projects, the spending surged up to KD
170 million, up 64 percent, in the reporting period, with the Ministry of
Electricity and Water having had the lion's share. (end)
mga.mt
KUNA 122257 Feb 08NNNN
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