Kuwait’s Fiscal Year 2023-2024 Expenditure Breakdown
MOF has released a detailed report on government spending across for the first ten months of the fiscal year 2023-2024.
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The Kuwaiti Ministry of Finance has provided a comprehensive breakdown of governmental expenditures across various sectors for the fiscal year 2023-2024, focusing on the initial ten months.
This report highlights Kuwait‘s deliberate investments in crucial areas, aimed at improving living standards and fostering sustainable growth throughout the country. The detailed analysis of fund allocation is as follows:
– Education: The total expenditure on education amounted to approximately 2.3 billion dinars, with the majority, 894 million dinars, going towards pre-primary and primary education. Secondary education received 825 million dinars, higher education was allocated 293 million dinars, and research and development in education saw about 155 thousand dinars.
– Health: Spending in the health sector reached 2.1 billion dinars, predominantly for hospital services at about 1.9 billion dinars. Medical equipment and products were allocated 62 million dinars, and research and development in health received around 229 thousand dinars.
– Housing and Community Facilities: This category saw expenditures totaling around 3.05 billion dinars, funding housing development, water supply, street lighting, and other utilities.
– Economic Affairs: The total expenditure for economic affairs stood at 2.08 billion dinars, with 350 million dinars dedicated to transportation and roughly 1.1 billion dinars for fuel and energy. Additional funds covered communications, mining, agriculture, and fishing.
– Public Order and Safety Affairs: The sector received about 1.3 billion dinars, with the majority, approximately 1.04 billion dinars, for police services. Courts received about 277 million dinars, with the remainder for prisons and related services.
– Religion, Culture, and Entertainment: Approximately 367 million dinars were allocated for these services, with religious services receiving about 197 million dinars, and radio and publishing services getting 132 million dinars.
– Social Protection: Expenditure on services related to old age, family and children, housing, and social exclusion amounted to about 334 million dinars by the end of January.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
