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Kuwait 2010 nominal GDP up 16.9%

15 Nov 2011

(MENAFN) Kuwait’s central bank said that since a rise in oil prices boosted the country’s revenues, in 2010, nominal gross domestic product (GDP) expanded 16.9 percent, reported Arab News.

The bank added that during the mentioned period, hydrocarbon sector’s production surged 22 percent at current prices, after they declined 36.2 percent in 2009.

It also said that household consumption went up 6.4 percent in nominal terms last year following a drop of 8.5 percent in the previous year; on the other hand, gross fixed capital formation jumped 24.1 percent after a decline of 21.6 percent in 2009.

It is worth noting that in 2009, gross domestic product at current prices slipped by a revised 23.1 percent, whereas Kuwait’s nominal GDP fell 21.2 percent in the same year.

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