Current Account in Kuwait
Kuwait - Current AccountThe economy stagnated in Q3 according to recent data. The oil sector contracted sharply, due to over-compliance with OPEC+ production cuts. While this decline was broadly offset by a large expansion in the non-oil sector, the non-oil reading was flattered by a large variation in the taxes and subsidies adjustment used to calculate GDP, and underlying momentum was actually weaker. Turning to Q4, the oil sector likely remained in the doldrums, as output was down year-on-year in both October and November. However, the non-oil sector likely fared better, thanks to healthy private-sector credit growth and a solid labor market. In politics, a new cabinet was appointed in December, after the former cabinet quit amid friction between parliament and the executive. This friction could still persist going forward, however, hampering fiscal reform efforts.
Kuwait - Current Account Data
|Current Account (% of GDP)||40.3||33.4||3.5||-4.6||5.9|
5 years of economic forecasts for more than 30 economic indicators.
Kuwait Current Account Chart
Source: Central Bank of Kuwait and FocusEconomics calculations.
|Exchange Rate||0.30||-0.05 %||Dec 31|
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