Kuwait’s oil revenue surged 44 percent in 2008 to 22.67 billion dinars ($77.74 billion) as energy prices soared, accounting for 94 percent of the OPEC producer’s total state revenue, central bank data showed.
Kuwait’s oil revenue rose from 15.75 billion dinars in 2007 after crude prices rallied to a peak of almost $150 a barrel last July, according to data posted on the central bank’s website in a quarterly bulletin. (www.cbk.gov.kw)
Total public expenditure by the world’s fourth-largest oil exporter grew 34.9 percent last year to 11.13 billion dinars, including 921.3 million dinars of investments in development projects, the central bank said.
States across the world’s biggest oil-exporting region accumulated massive surpluses as oil prices rose in recent years.
But crude prices slumped to the mid-$30 a barrel range earlier this year, drastically cutting potential Gulf state revenues for this year and prompting most of the states to pursue deficit spending to support their economies through a global downturn.
Kuwait’s oil revenue in the fourth quarter fell 51.7 percent from the third quarter to 3.67 billion dinars, the data showed.