Kuwait Economic Outlook
January 8, 2019The Kuwaiti economy accelerated in the third quarter of 2018 on the back of robust growth in the non-oil sector—thanks to the services and the agriculture sectors—and the oil sector, where increased production was accompanied by rising prices. The external sector has also continued to perform enviably through October. Exports increased over a third in the first 11 months with particularly strong growth in the July–September period, partly on the back of the strong rise in oil prices. Looking ahead, the sharp decline in oil prices since early October will weigh on growth in the final quarter of 2018 and beyond.
Kuwait Economic GrowthPro-business reforms to attract FDI and a large infrastructure investment push should buttress the economy this year. However, a prolonged and marked drop in oil prices will weigh on growth, while domestic political tensions hampering diversification efforts cloud the outlook. Met the why particular panelists expect growth of 3.4% in 2019, which is down 0.2 percentage points from last month’s forecast, and 3.0% in 2020.
Kuwait Economy Data
|GDP per capita (USD)||44,488||11,248||27,014||25,859||27,260|
|GDP (USD bn)||173||163||115||111||120|
|Economic Growth (GDP, annual variation in %)||1.2||0.5||0.6||3.5||-2.9|
|Consumption (annual variation in %)||5.6||2.6||1.5||4.8||-|
|Investment (annual variation in %)||8.9||4.5||15.5||2.0||-|
|Fiscal Balance (% of GDP)||22.2||19.9||-11.9||-||-|
|Inflation Rate (CPI, annual variation in %)||2.7||2.9||3.3||3.2||1.5|
|Policy Interest Rate (%)||2.00||2.00||2.25||2.50||2.75|
|Exchange Rate (vs USD)||0.28||0.29||0.30||0.31||0.30|
|Exchange Rate (vs USD, aop)||0.28||0.28||0.30||0.30||0.30|
|Current Account (% of GDP)||11.3||33.8||3.5||-4.5||6.3|
|Current Account Balance (USD bn)||69.8||55.0||4.0||-5.0||7.6|
|Trade Balance (USD billion)||89.6||78.3||27.8||20.1||23.5|
|Exports (USD billion)||115||116||54.2||46.6||55.0|
|Imports (USD billion)||25.4||27.3||26.4||26.4||31.5|
|Exports (annual variation in %)||-3.8||-8.2||-48.7||-14.1||18.2|
|Imports (annual variation in %)||4.9||7.2||-3.1||0.1||19.2|
|International Reserves (USD)||29.5||32.2||28.4||31.1||33.7|
|External Debt (% of GDP)||11.4||14.7||32.6||37.2||-|
5 years of Kuwait economic forecasts for more than 30 economic indicators.
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|Exchange Rate||0.30||-0.05 %||Jan 30|
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