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FINANCIAL NEWS
IMF revises down forecast for Kuwait’s 2013 GDP growth to 1.1%
09 Apr 2013
(MENAFN) The International Monetary Fund (IMF) deputy division chief of the Middle East and Central Asia Department, Ananthakrishnan Prasad, stated that the IMF revised down its forecast for Kuwait’s gross domestic product’s (GDP) expansion for the current year to 1.1 percent from 1.8 percent, reported Arabian Business.
Prasad said that the headline growth will be at just 1.5 percent in 2013, whereas the non-oil growth is expected to rise as the political situation has to some extent stabilized.
Meanwhile, non-oil GDP is projected to be about 4 percent, as the country’s development plan is expected to be executed more quickly.
In 2012, the emirate’s non-oil GDP was projected to have grown 2.7 percent.
It is worth noting that in 2011, Kuwait’s actual non-oil results revealed a 0.9-percent expansion, lower than forecasts.
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