Kuwait’s GDP drops by one percent

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KUWAIT, July 26: Kuwait’s quarterly gross domestic product (GDP) dropped one percent in Q1 2020 compared to the same period of 2019, amounting to KD 9.7 billion (USD 32 billion), according to Kuwait Central Statistical Bureau.

The bureau said in a statement to KUNA on Sunday the quarterly domestic product with current rates dropped by 8.8 percent in Q1 2020 in contrast to the past year period, where the GDP was estimated at KD 9.1 billion (USD 30 billion).

Contribution of the oil sector to the GPD in Q1 2020 amounted to KD 3.7 billion (USD 12.2 billion), 40.3 percent of the domestic product, where this value rose to KD 5.2 billion (USD 17 billion), with a contribution proportion estimated at 54.2 percent.

Non-oil domestic product in Q1 2020 dropped by 3.5 percent versus the corresponding quarter of last year, where its estimated value was KD 4.4 billion (USD 14.5 billion), with an estimated contribution to the domestic product of 45.8 percent.

Contribution of the oil and natural gas product climbed by 53-54 percent, it said, adding that the asDded value of this activity dropped by 16.9 percent of the value of the past year first quarter — amid slump of the oil prices globally. (KUNA)

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