Current Account in Kuwait

Kuwait Current Account | Economic News & Forecasts

Kuwait - Current Account

While the oil sector was constrained by OPEC production cuts in the second quarter, with EIA data showing oil output was largely flat year-on-year in the period, the non-oil sector should have provided support. Private-sector credit growth was robust in Q2, while private consumption should have been healthy, amid low inflation and solid employment growth. This comes after the economy gained steam in the first quarter, buttressed by the non-oil sector. On the fiscal front, recent data shows the fiscal deficit narrowed markedly in FY 2018 (April 2018–March 2019) on stronger oil revenue. Heading into the third quarter, the pattern is likely much the same: The extension of OPEC cuts saw oil output fall in annual terms in July, although the non-oil sector should be picking up some slack.

Kuwait - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)40.3  33.4  3.5  -4.6  5.9  

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Kuwait Current Account Chart

Kuwait Current Account
Note: Current account balance as % of GDP.
Source: Central Bank of Kuwait and FocusEconomics calculations.

Kuwait Facts

Exchange Rate0.30-0.05 %Sep 04

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