Kuwait City (Commerce Desk): Kuwait's budget deficit has increased to $23 billion, while the country's oil revenues have also recorded a significant decline.
According to Kuwait's Ministry of Finance, the country's budget deficit rose to 7.1 billion Kuwaiti dinars during the fiscal year 2025-26, which is equivalent to approximately $23 billion.
In a statement issued by the Ministry of Finance, the budget deficit recorded a 13.2 percent increase compared with the previous fiscal year.
According to the data, the country's total revenue remained 10 percent lower than the initial estimates, while oil revenue declined by 11.2 percent to 15.3 billion Kuwaiti dinars, equivalent to more than $49 billion.
Kuwait's economy heavily depends on oil revenues, due to which fluctuations in global oil prices directly affect the country's financial affairs.