Kuwait - Mubasher: Kuwait's overall GDP growth accelerated to 1.8% in 2015 from 0.5% in 2014, boosted by record high investment, said NBK Economic Update report.

Preliminary national account figures show nonoil GDP growth slowing to 1.3% in 2015, which NBK thinks growth will likely be revised higher when final figures are published later.

Data prepared by the Kuwaiti Central Statistical Bureau (CSB) also show domestic demand growth improving in 2015, with stronger investment growth making up for some weakness in government and private consumption.

NBK believes that Kuwait's nonoil activity is expected to maintain growth of around 4-5% in 2016 and 2017, and 2015 growth is likely to be revised up.

Growth ahead should continue to be supported by strong investment spending as Development Plan implementation maintains the current, improved pace of execution.

Authorities remain keen to push ahead with strategic projects worth upwards of KWD 30 billion over the next 3-4 years despite the low oil prices, said the report.

Very comfortable fiscal buffers and a number of fiscal reforms should help Kuwait weather a period of reduced oil revenues without having to resort to cuts in planned capital spending, noted the report.