Kuwait realized a budget surplus of KD12.70bn ($44.45bn) in 2012-13, according to the finance ministry’s closed accounts. However, the net surplus falls to KD4.7bn ($16.45bn) – less than half the 2011-12 figure – after the mandatory allocation of 25% of revenue to the Reserve Fund for Future Generations (RFFG). For 2011-12 only 10% of revenue was allocated to the RFFG (see table). Total revenue in 2012-13 increased by 5.8% to KD32.0bn ($112bn), with oil revenue (93.7% of the total), rising by 4.9% to KD29.97bn ($104.90bn). Overall government expenditure rose by 13.5% in 2012-13 to KD19.31 ($67.59bn) over the previous year.

The original 2012-13 budget published in the Official Gazette of 21 October 2012 projected a deficit of KD10.79bn ($37.77bn), after allocation of KD3.48bn ($12.18bn) to the RFFG. Revenue was projected at KD13.93bn ($48.76bn) and expenditure at KD21.24bn (74.34bn) for the year (MEES, 23 November 2012). (CONTINUED - 421 WORDS)