Kuwait GDP at $130 billion in 2019, economy grew 0.4 percent
Services accounted to 18.6 percent of the GDP
KUWAIT: The Kuwaiti economy grew 0.4 percent in 2019 compared to 2018 where gross domestic product amounted to KD 39.4 billion ($130 billion), Kuwait Central Statistical Bureau said in a statement Tuesday. The GDP, by current rates, shrank three percent in Q4 2019 compared to the same period in 2018. It also grew by 2.6 percent, by fixed prices, compared to Q3 2018. Oil sector contributed to the GDP, by fixed prices, with KD 4.5 billion ($14.8 billion), 43.9 percent, and this stake rose to KD 5.2 billion ($17 billion), with a 52.8 percent contribution. Non-oil domestic product, by fixed prices, grew in Q4 2019 by 0.6 percent, compared to the same period in 2018, while growth was at 3.5 percent compared to Q3 2019. Contribution of the crude oil and natural gas production, comparing Q4 2019 with corresponding period 2018, fell from 53.6 percent to 52.8 percent-also by steady rates. Added value of this activity grew by 3.2 percent as compared to the same value in Q3 2019, amid bullish oil prices and production increase.
Manufacturing industries, including oil derivatives, accounted to 6.5 percent of the GDP and 6.7 percent by the fixed prices. Retail and wholesale trade declined in Q4 2019 by 2.6 percent compared to the same period in 2018, where added value of this sector amounted to KD 363.2 million ($1.2 billion), with a contribution estimated at 3.6 percent of the quarterly GDP. Meanwhile, added value of financial brokerage, also by fixed prices, fell by 0.2 percent in Q4, posting KD 805 million ($2.6 million) compared to the same period in 2018. Services, including education, health, restaurants, hotels and real estate, accounted to 18.6 percent of the GDP, with the value standing at KD 1.8 billion ($5.9 billion). Value activity of the public administration and defense amounted in Q4 to KD one billion ($3.3 billion), growing by 2.4 percent in contrast to the same period last year. — KUNA