The World Bank’s latest MENA Economic Monitor Report showed that Kuwait’s GDP contracted by an estimated 1.3% in 2015, following a 1.6% decline in 2014, while oil production dropped by 1.7% in 2015. Growth in the oil sector, which accounts for two- thirds of GDP, was affected by an ongoing dispute with Saudi Arabia over shared resources, leading to the closure of a neutral zone oilfield in mid-2015. Growth in the non-oil sector also moderated further in 2015 as the slump in global oil prices took a toll on sentiment and activity, particularly in real estate and construction. Inflation remains muted, averaging just 3.3 % in 2015.
Publisher: Whispering Bell
Pages: 9
The World Bank’s latest MENA Economic Monitor Report showed that Kuwait’s GDP contracted by an estimated 1.3% in 2015, following a 1.6% decline in 2014, while oil production dropped by 1.7% in 2015. Growth in the oil sector, which accounts for two- thirds of GDP, was affected by an ongoing dispute with Saudi Arabia over shared resources, leading to the closure of a neutral zone oilfield in mid-2015. Growth in the non-oil sector also moderated further in 2015 as the slump in global oil prices took a toll on sentiment and activity, particularly in real estate and construction. Inflation remains muted, averaging just 3.3 % in 2015.
