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Wednesday, May 22, 2024

Is Kuwait on the verge of an economic crunch?

The Central Bank of Kuwait recently issued the 2015 economic report, highlighting some economic facts worth analyzing. The report pointed out that gross domestic product (GDP) amounted to 40 billion dinars ($132 billion), registering 1.8% growth compared to 2014. However, GDP for the oil sector decreased by 1.7%, while it increased by 1.3% for non-oil sectors. The price for Kuwaiti crude oil for 2015 was $47.8 [per barrel (pb)], compared to $95.2 pb in 2014. These data confirm that the oil sector, which contributes 58% to GDP, has significantly declined, but the added value for non-oil sectors was not sufficient enough to promote and stimulate economic activity, which means that the economy is still far from achieving diversification…

To access the complete article, please use this link: Al-Monitor