Kuwait Is The Only Gulf Nation Experiencing Negative Gdp Growth

Kuwait is the only Gulf country in 2023 that will record negative growth in real GDP, according to the World Economic Outlook report released by the International Monetary Fund on October 29. According to the published figures, from Kuwait’s GDP (at current prices) is likely to reach $159.69 billion, reports Al-Rai daily. 

It is expected that Kuwait will have the highest inflation rate in the Gulf this year (according to the average consumer price index).

UAE inflation is predicted at 3.1 percent, Qatar at 2.8 percent, Saudi Arabia at 2.5 percent, and Oman at 1.1 percent. The rate in Bahrain is 1 percent. Kuwait's unemployment rate is expected to reach 2.2 percent in 2023.

Kuwait, meanwhile, ranks fourth in the Gulf in terms of expected per capita GDP (at current dollar prices) for this year at 32.22 thousand dollars, compared to Qatar at 81.97 thousand dollars, and the Emirates at 50.6 thousand dollars. 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.

The net lending to general government borrowing in Kuwait amounted to 14 percent of the GDP in 2023, while the total public debt amounted to 3.4 percent.

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

Based on information collected by IMF country office staff through their missions and ongoing analysis of the evolving situation in each country, historical data and forecasts are prepared.

As historical data is continuously updated, as more information becomes available, structural breaks in the data are often modified to produce smooth series by linking and other techniques. The IMF’s expert estimates continue to serve as an alternative to historical series when complete information is not available. The World Economic Outlook data can, therefore, differ from other sources of official data, including those published by the International Monetary Fund.

 

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