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Sunday , February 5 2023

Kuwait GDP up 1.6 pct – World Bank

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Banking sector in good position

KUWAIT CITY, May 23, (KUNA): Kuwait’s GDP rose 1.6 percent in 2018 after dropping 3.5 percent the year prior, the World Bank revealed on Wednesday. The figures were mentioned by Issam Abousleiman, Gulf Cooperation Council Country Director, on the fringes of the World Bank’s biannual GCC economies’ report announcement. This is due to the rise of oil prices and the emergence of further job opportunities in the public sector, he said. The banking sector remains in a good position, he maintained, with capital adequacy ratios of 18.4 percent exceeding the 13 percent requested by the Central Bank. Limited inflation is at 0.6 percent due to a drop in housing costs, low food prices, and Central Bank flexibility in tightening monetary policy at a pace slower than the US Federal Reserve.

By Mohammad Al-Enezi

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