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Kuwait sees sluggish growth in Q3-19 on oil output cuts – NBK

Kuwait sees sluggish growth in Q3-19 on oil output cuts – NBK
Oil sector activity fell 5.3% YoY last year

Mubasher: Kuwait’s GDP growth slowed to 0.4% year-on-year in the third quarter of 2019, compared to 1.8% in Q2-19, according to a report released on Saturday by the National Bank of Kuwait (NBK).

This is the slowest rate since Q1-18 due to a decline in oil sector output resulted from Kuwait’s OPEC+ production cut obligations, the report said.

Oil sector activity fell 5.3% YoY last year, while oil production over the same time period dropped to 2.64 million barrels per day (MBPD) in Q3-19, from 2.78 MBPD in Q3-18.

Moreover, Kuwait’s non-oil economy grew by 7.8% YoY in the three-month period ended 30 September 2019.