The economy of Kuwait contracted 11.2 percent from a year earlier in the fourth quarter of 2020, after a 11.5 fall in the previous quarter. It was the fifth consecutive month of contraction since the third quarter of 2019. The negative contribution came from both oil sector (-14.5%) and non-oil sector (-7.4%), particularly within the construction sector (-46.1%), manufacturing (-26.9%) and extraction of crude petroleum & natural gas & service activities (-14.5%). On a quarterly basis, the GDP grew 4.7%, after a 0.4% uptick in the previous quarter. source: Kuwait Central Statistical Bureau

GDP Growth Rate in Kuwait averaged 0.27 percent from 2010 until 2020, reaching an all time high of 13.50 percent in the fourth quarter of 2010 and a record low of -12.60 percent in the second quarter of 2020. This page provides - Kuwait Gdp Growth Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news. Kuwait GDP Growth Rate - values, historical data and charts - was last updated on December of 2021.

GDP Growth Rate in Kuwait is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kuwait GDP Growth Rate is projected to trend around 2.00 percent in 2022 and 1.00 percent in 2023, according to our econometric models.

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Kuwait GDP Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate -11.20 -11.50 percent Dec/20
GDP Constant Prices 9011.40 8607.90 KWD Million Dec/20
GDP Growth Rate 4.70 0.40 percent Dec/20
Kuwait GDP Growth Rate
Kuwait holds the world´s sixth biggest proven reserves of oil as such oil sector accounts for 40 percent of GDP, 90 percent of total exports and 80 percent of state revenues. The services sector constitutes 30 percent of the output. Within services the largest segments are: community, social and personal services (11 percent of GDP); real estate and financial and business services (9 percent) and wholesale and retail trade and restaurants and hotels (8 percent). Manufacturing contributes for 23 percent of the wealth and construction and electricity, gas and water distribution for the remaining 7 percent.