Current Account in Kuwait

Kuwait Current Account | Economic News & Forecasts

Kuwait - Current Account

The 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

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 %Dec 31

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