Kuwait Economic Outlook
February 6, 2018Although the economy remains fragile due to constrained government spending, private consumption dynamics appear upbeat. In November, consumers reported optimism regarding economic conditions, and household lending grew at a healthy rate compared to the same month a year earlier. The government’s efforts to improve its fiscal performance have not gone unnoticed by the IMF, which on 24 January noted progress but also recommended additional measures, such as implementing tax reform and containing expenditure on wages. On 29 January, the government approved the budget proposal for FY 2018, which begins in April. The proposal projects a large deficit and roughly maintains FY 2017’s level of expenditure at 20 billion dinars.
Kuwait Economic GrowthThis year, the economy should be supported by solid fixed investment as it benefits from the execution of projects designated under the National Development Plan. FocusEconomics Consensus Forecast panelists expect GDP growth of 2.4% in 2018, which is down 0.1 percentage points from last month’s estimate, and 3.0% in 2019.
Kuwait Economy Data
|GDP per capita (USD)||45,985||44,511||41,101||27,617||-|
|GDP (USD bn)||174||173||164||114||-|
|Economic Growth (GDP, annual variation in %)||6.6||1.2||0.5||1.9||-|
|Consumption (annual variation in %)||10.4||5.6||2.6||1.3||-|
|Investment (annual variation in %)||5.1||8.9||4.5||13.0||-|
|Fiscal Balance (% of GDP)||33.2||22.2||19.9||-11.0||-|
|Inflation Rate (CPI, annual variation in %)||2.9||2.7||2.9||3.3||3.2|
|Policy Interest Rate (%)||2.00||2.00||2.00||2.25||2.50|
|Exchange Rate (vs USD)||0.28||0.28||0.29||0.30||0.31|
|Exchange Rate (vs USD, aop)||0.28||0.28||0.28||0.30||0.30|
|Current Account (% of GDP)||45.5||39.9||33.4||5.2||-|
|Current Account Balance (USD bn)||79.1||69.1||55.0||5.9||1.0|
|Trade Balance (USD billion)||95.4||89.6||78.3||27.8||20.6|
|Exports (USD billion)||120||115||106||55.1||46.7|
|Imports (USD billion)||24.2||25.4||27.3||27.2||26.1|
|Exports (annual variation in %)||15.6||-3.8||-8.2||-47.9||-15.2|
|Imports (annual variation in %)||6.6||4.9||7.2||-0.2||-4.0|
|International Reserves (USD)||29.0||29.5||32.2||28.4||31.1|
|External Debt (% of GDP)||17.2||20.8||21.4||32.0||-|
5 years of Kuwait economic forecasts for more than 30 economic indicators.
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
|Exchange Rate||0.30||-0.05 %||Feb 16|
|Stock Market||6,721||0.22 %||Feb 16|
Start Your Free Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.