The economy of Kuwait contracted 11.2 percent from a year earlier in the fourth quarter of 2020, after an 11.5 percent 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 Annual Growth Rate in Kuwait averaged 2.47 percent from 1963 until 2020, reaching an all time high of 33.99 percent in the fourth quarter of 1993 and a record low of -20.62 percent in the fourth quarter of 1980. This page provides - Kuwait GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Kuwait GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2022.
GDP Annual Growth Rate in Kuwait is expected to be 12.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kuwait GDP Annual Growth Rate is projected to trend around 5.00 percent in 2022 and 2.60 percent in 2023, according to our econometric models.