Kuwait’s GDP expected to shrink by 3.3% in 2024 amid oil sector decline - Times Kuwait

Kuwait’s 2024 GDP falls $5bn due to oil price drop

Kuwait’s economy shrank by around $5.5 billion in 2024 after average oil prices declined by $4 a barrel and it cut output in line with Opec+ production quotas. Kuwait’s GDP shrank in current prices by 3 percent to KD49.1 billion ($162 billion) last year from KD50.8 billion ($167.5 billion) in 2023,  according to official data published on Tuesday carried in local media. The oil sector was the main victim as it dipped by 11 percent, a shrinkage o…

Kuwait’s GDP expected to shrink by 3.3% in 2024 amid oil sector decline - Times Kuwait

Kuwait’s gross domestic product (GDP) is projected to decline by 3.3% in 2024—equivalent to KWD 1.663 billion—bringing the total to KWD 49.14 billion, down from KWD 50.8 billion in 2023. The contraction is largely attributed to falling oil prices, which significantly impacted the oil sector’s contribution to the economy, despite continued growth in the non-oil sector, reports Al-Rai daily. Non-Oil Sector Expands Economic activity data at current…