Kuwait Economic Outlook
October 4, 2016The economy posted strong growth last year as investment picked up on the back of government-led investment initiatives framed within the nation’s Development Plan 2015-20. Although Kuwait is as dependent on oil revenues as its neighboring countries, the country’s substantial assets abroad and ample capacity to borrow give it more room to maneuver. This has enabled the government to focus on economic diversification and to increase strategic infrastructure investment. Despite the burden the multi-billion Plan places on the state accounts, cuts in non-capital spending and the authorities’ resolve to tap into the financial markets to finance this year’s deficit will contain the risks associated with it.
Kuwait Economy Data
|GDP per capita (USD)||42,099||45,985||44,511||40,896||-|
|GDP (USD bn)||155||174||173||164||-|
|Economic Growth (GDP, annual variation in %)||9.6||6.6||1.2||-1.6||-|
|Consumption (annual variation in %)||4.6||10.4||5.6||5.2||-|
|Investment (annual variation in %)||-2.3||5.1||8.9||2.1||-|
|Fiscal Balance (% of GDP)||34.5||33.2||22.2||19.7||-|
|Inflation Rate (CPI, annual variation in %)||4.8||2.9||2.7||2.9||3.3|
|Policy Interest Rate (%)||2.50||2.00||2.00||2.00||2.25|
|Exchange Rate (vs USD)||0.28||0.28||0.28||0.29||0.30|
|Exchange Rate (vs USD, aop)||0.28||0.28||0.28||0.28||0.30|
|Current Account (% of GDP)||42.9||45.5||39.9||33.3||-|
|Current Account Balance (USD bn)||66.6||79.1||69.1||54.5||-|
|Trade Balance (USD billion)||80.8||95.4||89.6||78.2||-|
|Exports (USD billion)||104||120||115||106||-|
|Imports (USD billion)||22.7||24.2||25.4||27.7||-|
|Exports (annual variation in %)||56.8||15.6||-3.8||-8.0||-|
|Imports (annual variation in %)||18.2||6.6||4.9||8.8||-|
|International Reserves (USD)||25.9||29.0||29.5||29.3||24.7|
|External Debt (% of GDP)||22.6||17.2||18.2||-||-|
5 years of Kuwait economic forecasts for more than 30 economic indicators.
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|Exchange Rate||0.30||-0.07 %||Oct 26|
|Stock Market||5,404||0.27 %||Oct 26|
Kuwait Economic Growth
October 4, 2016A gradual increase in oil production and strong infrastructure spending will support growth this year. FocusEconomics Consensus Forecast panelists expect GDP to increase 1.7% in 2016, which is up 0.1 percentage points from last month’s forecast. In 2017, even in the event of heightened political uncertainty following July’s parliamentary elections, recent sizable project awards will ensure that the economic momentum continues. Panelists see GDP growing 2.1% that year.