Kuwait domestic product rises

Oil role sees dip

KUWAIT CITY, July 24, (KUNA): The domestic product amounted to KD 40.033 billion growing by 1.8 percent in 2015 on yearly basis, while data for 2014 showed a minor growth estimated at 0.5 percent, Kuwait Central Statistical Bureau said in a report released on Sunday.

The local product dropped during 20142015 due to the drastic oil price fall, where the decline reached 6.3 percent and 25.6 percent. Income per capita also dropped from KD 11.003 in 2014 to KD 08.095 in 2015.

Rise of the domestic product by 1.8 percent in 2015, along with the population growth, resulted in cutting the income per capita from KD 9,605 to KD 9,444, by 1.4 percent.

Contributions of the oil sector to the national product, in shadow of the falling crude prices, dropped by 46.1 percent in 2015 compared to 63.4 percent in 2014.