Kuwait, July 24, 2024: The Kuwait Ministry of Finance today announced the State of Kuwait’s closing accounts for the fiscal year ending March 31, 2024. The State’s accounts recorded KD23.6 billion in revenue, KD25.2 billion in expenditure, and closed with a fiscal deficit of KD1.6 billion. The State of Kuwait’s fiscal year starts on April 1st and ends on March 31st. (By law, the Closing Accounts do not include revenue from the Future Generations Fund (FGF, also known as the Kuwait Sovereign Wealth Fund), which is managed by the Kuwait Investment Authority. All investment gains from FGF activities are reinvested into the FGF as mandated by its governing law.)

23/24 Revenue Highlights:

? Total Revenue: KD23.6 billion, down 17.9% from closing 22/23

     ? Oil revenue: KD21.5 billion, down 19.4% from closing 22/23

     ? Non-oil revenue: KD2.1 billion, up 1.3% from closing 22/23

? Average Kuwaiti crude selling price for the fiscal year: USD 84.36 per barrel

? Average oil production: 2.650 million barrels per day.

23/24 Expenditure Highlights:

? Wages and subsidies: KD20.4 billion, comprising 81.0% of all expenditure.

? Capital Expenditure: KD1.86 billion, comprising 8.0% of all expenditure.

? Total Expenditure: KD25.2 billion up 12.7% from last year’s closing accounts.

State of Kuwait Closing Accounts Summary