Kuwait's Non-Oil GDP Grows by 4.7% in Q1

Kuwait, 22 July, 2024 : Kuwait's non-oil GDP grew by 4.7% year-on-year in Q1, recovering from a 2.3% decline in the previous quarter, according to the National Bank of Kuwait (NBK). This growth was driven by a 20% rise in the manufacturing sector, including oil refining, which benefited from a weak base effect from a year earlier.

Retail and 'other services' sectors, primarily real estate and business services, also showed significant improvement. Despite recent GDP volatility, NBK suggested that the full-year 2023 non-oil growth figure of -2.9% might be revised upward.

NBK noted that the S&P Global PMI for Kuwait has increased slightly, indicating better economic conditions. Other indicators, such as credit growth, project awards, and real estate activity, have also improved.

In contrast, the oil sector GDP fell by 9.8% year-on-year in Q1 due to OPEC-led supply cuts, reducing Kuwait’s crude production to 2.41 mb/d. Overall GDP growth was -2.7% year-on-year, an improvement from -4.4% in the previous quarter.

Source : www.zawya.com