Fiscal Balance in Kuwait
Kuwait - Fiscal BalanceEconomic activity appears to have remained subdued in the final quarter of 2019, after stagnating in the third quarter. Activity in the all-important oil sector likely contracted again in Q4, amid sustained over-compliance with OPEC+ production cut targets. However, the non-oil sector seems to have performed better, thanks to a tight labor market and strong private-sector credit growth in October–November. In other news, the government’s proposed budget for FY 2020 projects a sharp increase in its fiscal deficit, driven by a slump in revenue and ongoing political paralysis that has prevented the issuance of new debt. This was touched on by the IMF’s Article IV concluding statement released on 27 January, which stressed the need to reduce the public wage bill and introduce new taxes to raise revenues.
Kuwait - Fiscal Balance Data
|Fiscal Balance (% of GDP)||7.6||-13.4||-13.9||-8.9||-3.0|
5 years of economic forecasts for more than 30 economic indicators.
Kuwait Fiscal Balance Chart
Source: Central Bank of Kuwait.
|Exchange Rate||0.30||-0.05 %||Dec 31|
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