Kuwait sees 5.4% economic growth this year

22 Mar 2012

(MENAFN) Kuwaiti government expected economy to grow by 5.4 percent for the fiscal year ending March 31, state news agency KUNA reported.

The growth would be driven by higher oil prices, according to a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy.

The Gulf oil-rich state is currently the fourth-largest oil exporter in the world, seeking to boost its production capacity to the limit.

In its bid to reach four million bpd output capacity by 2020, Kuwait unveiled a number of ambitious projects to realize the target.

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