Kuwait’s economy witnessed 1.2 percent growth in the third quarter of 2020 compared to the quarter prior, amounting to KD 8.6 billion (USD 28 billion), according to the Central Statistical Bureau on Wednesday.
Based on initial estimates, the quarterly GDP at current rates dropped by 20.3 percent during this period in contrast to a year prior, where the GDP was estimated at KD 7.9 billion (USD 26 billion). Growth worth 25.9 percent from the second quarter to the third was attributed to the recovery in global oil prices and an uptick in economic activities.
The contribution of the oil sector to the economy was worth KD 2.6 billion (USD 11.8 billion), some 33.5 percent. This value rose to KD 4.4 billion (USD 14.5 billion), the proportion of which is estimated at 51.2 percent. Non-oil GDP dropped by 7.6 percent compared to 2019, which had an estimated value of KD 4.2 billion (USD 13.8 billion), with a contribution of 48.8 percent.
The contribution of oil and natural gas products decreased from 53.2 percent to 51.2 percent, it said, citing a 40.4 percent drop in the added value of this activity compared with the year 2019.