Kuwait Sees Lowest Investment Spending in Three Years

  • Publish date: Saturday، 04 February 2023 Last update: Monday، 06 February 2023
Kuwait Sees Lowest Investment Spending in Three Years

Investment spending allocations in Kuwait decreased by 15.2% to 2.4 billion dinars, compared to 2.9 billion dinars in 2022/2023 and 2.6 billion dinars in 2021/2022, making it the lowest in 3 years, Al Qabas reported based on a reading of Kuwait’s budget for the year 2023-2024.

The capital expenditures allocated for the fiscal year 2023-2024 are also the second lowest since the fiscal year 2017-2018, which recorded the largest deficit in Kuwait's budget, since entering the era of deficits as a result of the decline in oil prices in 2014.

Although the budget submitted by the Ministry of Finance to the National Assembly for discussion and approval, includes expenses amounting to 26.2 billion dinars, the salary item and the like amounted to 14.9 billion dinars, compared to 13.1 billion in the previous year, an increase of 13.3%, to be distributed by 80% on the expenses for salaries and subsidies, 9% for capital expenditures, and 11% for the rest of the expenses.

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