Kuwait records highest earnings in 2008 first quarter

July 11th, 2008 - 7:43 pm ICT by IANS  

Dubai, July 11 (IANS) Riding on record global oil prices, Kuwait recorded it highest revenue earnings in the first quarter of 2008. According to statistics released by the Central Bank of Kuwait (CBK), total oil revenues during the first quarter of 2008 stood at approximately 5 billion Kuwaiti Dinars ($18.8 billion), accounting for over 92 percent of the total revenues which came to KD5.4 billion ($20.4 billion), the state-run Kuwait News Agency (KUNA) reported.

This was an increase of 275 percent compared to 2001.

This rise in oil revenues was attributed to the sharp hike in the price of oil in the past months, where the Kuwaiti crude barrel averaged $93 the first quarter.

“Oil revenue monthly breakdown places January in the lead with KD1.78 billion ($6.7 billion), followed by March with KD1.71 billion ($6.4 billion), then February with KD1.6 billion ($6 billion),” the KUNA report said citing the CBK figures.

Kuwait’s state treasury expects to receive higher revenues in the second quarter of 2008 due to the continued rise in oil prices, especially after oil prices exceeded $130 a barrel last month, following an average of $115 in April, May and June - $22 above the first quarter average.

The report said oil revenue in the second quarter is expected to exceed KD6 billion ($22.6 billion).

As for non-oil revenues, tax on net and profits came to KD13 million ($49 million), taxes and duties on property stood at KD5.3 million ($20 million), and entry and registration fees accounted for KD1.3 million ($4.9 million).

Moreover, international trade and transactions came to KD71.2 million ($268.3 million), total operating revenues of government enterprises stood at KD268 million ($1.01 billion), while the same of government properties reached KD4.4 million ($16.6 million).

The first quarter of 2008 was final quarter of the state’s 2007-2008 fiscal year.

Revenues for the entire fiscal year stood at KD18.7 billion ($70.5 billion).

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