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Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF

Kuwait’s GDP down to 0.7% in 2019 on lower oil sector growth – IMF
Kuwait’s oil economy slipped by 1% in 2019

Mubasher: The International Monetary Fund (IMF) on Monday stated that Kuwait’s gross domestic product (GDP) slowed to 0.7% in 2019 from 1.2% in 2018, pressured by lower oil prices and output, despite the growing non-oil sector.

Kuwait’s real oil GDP, including refineries, is predicted to level at 0.3% in 2020 and remain at 2% during the coming five years. 

In addition, the IMF expected Kuwait’s real GDP to rise to 1.5% in 2020 and to remain at 2.7% in the coming five years, thanks to the increasing non-oil sector, which could expand at 3% in 2020 and accelerate at 3.5% each year until 2025.

"Non-oil growth was propelled by strong government and consumer spending, the latter on the back of a credit recovery," the IMF's report showed.