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Kuwait non-oil growth stays robust

Kuwait’s oil GDP growth is expected to decline in 2023 due to oil production cuts, but non-oil GDP growth would stay robust, driven by domestic demand, and is foreseen to remain steady over the medium term, says an IMF report.

Non-oil GDP growth rose to an estimated 3.4 per cent in 2021, benefiting from a recovery in domestic and external demand, and strengthened further to 4 percent in 2022. This, together with a pickup in oil production, resulted in a rebound in overall real GDP growth to 8.2 percent in 2022, said the report released following IMF Executive Board’s consultation with Kuwait.

Link: https://www.tradearabia.com/news/BANK_412537.html

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