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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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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