Kuwait’s gross domestic product (GDP) jumped by 4.5 percent in 2011 over the growth of oil prices that hit USD 107 per barrel by the end of the year, a specialized economic report showed Saturday.
The report, by Kuwait International Bank, attributed oil price hikes to steadily growing global demand for the crude and the Organization of Petroleum Exporting Countries’ decision to maintain output ceiling unchanged.
Data showed that backed by oil price increases, Kuwait state budget achieved a remarkable KD 11.6 billion-surplus in the first nine months of the FY 2011-2012, compared with KD 5.9 billion-surplus achieved during the same period a year earlier.
The report estimated Kuwait oil revenues, during the nine months of FY 2011-2012 , at KD 18.7 billion vis-à-vis estimated expenditure of KD 7.1 billion.
Kuwait oil price hovered between USD 98 to USD 127 per barrel since April 2011, compared with the hypothetical budget estimated price of USD 60 per barrel.
The report also noted that the state budget swelled by threefold since 2004 to hit unprecedented levels in FY 2011-2012 by KD 19.4 billion.