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Kuwait oil earnings post lowest growth since 2002 - NBK

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