KUWAIT

Kuwait Budget Surplus Down 25%

Kuwait’s budget surplus in the first half of 2014-15 (April-September 2014) fell to KD5.20bn ($18.3bn), a 25.5% real terms fall on a year earlier. Of course the situation is likely to deteriorate further in the second half of the year given the recent collapse in oil prices: Kuwait relies on oil exports for 94% of revenue (see graph).

Latest statistics from the Kuwait Ministry of Finance show 1H 2014-15 revenue of KD15.09bn ($53.21bn) and...