Kuwait Lone Gulf Nation Facing Negative GDP Growth

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KUWAIT CITY, Nov 1: The World Economic Outlook report issued by the International Monetary Fund on October 29 expects Kuwait to record a negative growth rate in real GDP this year, of -0.6 percent, making it the only Gulf country that will record negative growth in 2023. According to the published figures, from Kuwait’s GDP (at current prices) is likely to reach $159.69 billion, reports Al-Rai daily. 

The IMF expects the inflation rate (according to the average consumer price index) in Kuwait to reach 3.4 percent this year, which is the highest in the Gulf.

It is expected that the UAE will record an inflation rate of 3.1 percent, Qatar 2.8 percent, Saudi Arabia 2.5 percent, and Oman 1.1 percent. percent and Bahrain 1 percent. As for the unemployment rate, it is expected in Kuwait to reach 2.2 percent in 2023.

On the other hand, Kuwait ranked fourth in the Gulf in terms of expected per capita GDP (at current dollar prices) for this year, as it is expected to reach 32.22 thousand dollars, compared to 81.97 thousand dollars in Qatar, and 50.6 thousand dollars in the Emirates. 32.59 thousand in Saudi Arabia, 28.46 thousand in Bahrain, and 21.27 thousand in Oman.

In terms of per capita GDP according to purchasing power parity, it is likely to reach $51.76 thousand in Kuwait in 2023, and the current account balance will reach $48.415 billion or 30.3 percent of GDP in 2023.

Net lending to general government borrowing in Kuwait amounted to 14 percent of the GDP for the year 2023, while the total public debt of the government amounted to 3.4 percent of the GDP for this year.

The World Economic Outlook report contains a chart of IMF data according to selected key indicators only. The IMF staff compiles the data appearing in the World Economic Outlook (WEO) while preparing the WEO.

The historical data and forecasts are based on information collected by IMF country office staff in the course of their missions to IMF member countries and through their ongoing analysis of the evolving situation in each country.

As historical data is constantly updated, as more information becomes available, structural breaks in the data are often modified to produce smooth series using linking and other techniques. The IMF’s expert estimates continue to serve as an alternative to historical series when complete information is not available. As a result, World Economic Outlook data can differ from other sources containing official data, including international financial statistics issued by the Monetary Fund.

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