International Finance

Kuwait to recover from last year’s economic decline

Kuwait, Kuwaiti economy, non-oil sector, private sector, oil output, National Bank of Kuwait
This year, Kuwait is swiftly rising because of an increased government spend and a predicted upsurge in oil output

The country’s GDP is said to grow 2.5% this year after a 2.9% dip last year. This is mainly because OPEC policy is focused on the rate of oil output, according to the National Bank of Kuwait (NBK).

NBK said in a report: “The economy remains on an improving trend, with activity gradually expanding.”  Even the Kuwait state news agency KUNA reported that the country’s GDP rose 1.6% in the first quarter of this year. Its oil sector contributed 48.4% to the economy in the first quarter, which is up 44.5% in the first quarter of the previous year.

Likewise, Kuwait’s non-oil sector is also expected to grow depending on the government spend in this financial year. Key indicators for growth include job opportunities in the private sector. The government is supporting projects in the sector to boost the Kuwaiti business environment. For example: Kuwait is set to grant four billion dinars for projects this year, the report added. 

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