Kuwait Economic Forecast

Kuwait Economic Outlook

October 2, 2018

The economy grew 1.9% year-on-year in Q2, rebounding from a revised contraction in Q1 thanks to the non-oil sector as the oil sector declined despite higher oil prices. In July–August, the country raised oil production ahead of U.S. sanctions on Iran effective 4 November, boding well for the performance of the oil sector in Q3. To attract more foreign capital and improve the investment environment, the government continues to modernize the country’s stock exchange, with Boursa Kuwait recently being included in the FTSE emerging-market index.

Kuwait Economic Growth

The economy should grow this year and next, thanks to higher oil prices and production. An infrastructure investment push will likely buttress the economy further. However, slow diversification progress could drag on long-term prospects. Met the why particular panelists expect growth of 2.6% in 2018 and 3.4% in 2019, up 0.1 percentage points from last month.

Kuwait Economy Data

20132014201520162017
Population (million)3.94.04.24.34.4
GDP per capita (USD)44,48811,24827,01425,85927,260
GDP (USD bn)173163115111120
Economic Growth (GDP, annual variation in %)1.20.50.63.5-2.9
Consumption (annual variation in %)5.62.61.54.8-  
Investment (annual variation in %)8.94.515.52.0-  
Unemployment Rate2.62.92.22.12.1
Fiscal Balance (% of GDP)22.219.9-11.9-  -  
Inflation Rate (CPI, annual variation in %)2.72.93.33.21.5
Policy Interest Rate (%)2.002.002.252.502.75
Exchange Rate (vs USD)0.280.290.300.310.30
Exchange Rate (vs USD, aop)0.280.280.300.300.30
Current Account (% of GDP)11.333.83.5-4.56.3
Current Account Balance (USD bn)69.855.04.0-5.07.6
Trade Balance (USD billion)89.678.327.820.123.5
Exports (USD billion)11511654.246.655.0
Imports (USD billion)25.427.326.426.431.5
Exports (annual variation in %)-3.8-8.2-48.7-14.118.2
Imports (annual variation in %)4.97.2-3.10.119.2
International Reserves (USD)29.532.228.431.133.7
External Debt (% of GDP)11.414.732.637.2-  

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Kuwait Facts

ValueChangeDate
Exchange Rate0.30-0.05 %Oct 18

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