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FINANCIAL NEWS
Kuwaiti economy expands 29% in 2011: CB
14 Nov 2012
(MENAFN) The Kuwaiti central bank announced that in 2011, the country’s economy jumped 29 percent in nominal terms, reported Arabian Business.
The bank said that the growth was driven by high crude prices, which increased output and revenue.
The 2011’s expansion is compared with a growth of 12.7 percent a year earlier.
However, in 2012, the country’s economy is forecasted to grow between 6.5 percent and 6.6 percent in real terms.
Kuwait, which depends on crude oil income for nearly 95 percent of its budget, reported a 49.4-percent increase in its oil and gas sector’s output at current prices in 2011.
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