Kuwait’s GDP shrank 8.9% last year: CSB

Kuwait’s GDP shrank 8.9% last year: CSB

KUWAIT: The Central Statistical Bureau announced in a report released yesterday that Kuwait's gross domestic product declined by 8.9 percent in 2020 compared to 2019, where the estimated value with constant prices amounted to KD 36 billion ($118.8 billion). In comparison, the value in 2019 was estimated at KD 39.5 billion ($130 billion).

The Kuwaiti economy shrank by 11.2 percent in Q4 2020 compared to Q3 with constant rates, while decline in current prices amounted to 20.2 percent in Q4 2020 compared to the same quarter of the previous year. Contribution of the oil sector to the GDP with current prices in Q4 amounted to KD 2.8 billion ($9 billion) or 33.4 percent, while this value increased to KD 4.6 billion ($15 billion), with a contribution proportion amounting to 51.1 percent with fixed prices.

Value of the oil sector in Q4 2020 with current prices rose by 3.4 percent compared to Q3, while the contribution value reached 2.1 percent with constant prices compared to Q3. GDP of the non-oil sector with current prices in the last quarter of 2020 showed a decline of 2.5 percent compared to the same quarter of the previous year, and growth by 13.2 percent for Q3 2020.