Kuwait is expected to hit 3.8% GDP growth

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KUWAIT CITY, Feb 11: According to a report by the MEED magazine, Kuwait is expected to achieve a growth of 3.8 percent in the gross domestic product during the year 2023, and come in fourth place in the Gulf region after Saudi Arabia at 4.3 percent, and the UAE and Qatar in the second and third places at 3.9 percent each. The overall principles for the Kuwaiti economy is strong, and the project activity also continues to move, albeit at a slower pace than usual, reports Al-Anba daily.

The country has projects worth USD 27.6 billion in the bidding stage, a figure nearly ten times the value of contracts worth USD 2.8 billion awarded in 2022, which fell way below the average of USD 5.6 billion in the previous five years. MEED report highlighted the expectations that Kuwait, along with the United Arab Emirates, Qatar and Iraq, will maintain a double-digit current account surplus in 2023, and a fiscal surplus like the rest of the other Gulf Cooperation Council countries, namely the Sultanate of Oman, Bahrain and Iraq, which represents an energy source in the Gulf with good current account surpluses.

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