KUWAIT CITY, Sept 19, (KUNA): Kuwait’s non-oil economic sector has maintained growth despite decline of oil prices by more than 50 percent over the past two years, according to a report released by the National Bank of Kuwait (NBK), on Monday.
This sector grew in 2016 and is forecast to keep the upward trend in 2017, as compared to the recession witnessed in some neighboring countries. This improvement is largely attributed to the government adherence to the development scheme.
The NBK report forecast decline of the financial deficit, in 2017, in tandem with gradual improvement of the oil prices. The Brent Blend is expected to climb from US$ 45 per barrel this year to 55 pb in 2017.
Gross domestic product grew from 0.5 percent in 2014 to 1.8 percent in 2015, while the non-oil GDP slowed y 1.3 percent in 2015.
The non-oil GDP remained robust, in 2015, at 3.5 percent, but would grow by 4 and 4.5 percent in the remaining year and next year.
Crediting grew by 4.2 percent on yearly basis till last May, largely buoyed by lending for the sectors of businesses, property and financial institutions.