GDP in Kuwait

Kuwait GDP | Economic News & Forecasts

Kuwait - GDP

The economy likely gained notable steam in Q2 due to a recovery in both the oil and non-oil sectors. The annual decline in oil output moderated notably in the period, in line with OPEC’s decision to ease production cuts. In the non-oil sector, consumer spending growth surged—partly due to a low base effect, but also aided by the extension of the debt deferral program and the easing of restrictions. Turning to Q3, while activity will likely lose momentum in annual terms as the base effect fades, conditions should be improving on a sequential basis: Crude oil production picked up again in July, online spending hit a record high in the same month and household lending growth should be benefiting from improving consumer confidence. In other news, recent data showed that the budget deficit swelled to a record high in the fiscal year ending March 2021, further complicating the ongoing debt financing conundrum.

Kuwait - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)0.6  2.9  -4.7  1.2  0.4  

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Kuwait GDP Chart


Kuwait GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Central Bank of Kuwait.

Kuwait Facts

Value Change Date
Exchange Rate0.30-0.05 %Dec 31

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