Kuwait’s 2011 real GDP at 8.3%: IMF

20 Jun 2012

(MENAFN) The International Monetary Fund said that last year, Kuwait’s real gross domestic product (GDP) expanded by 8.3 percent due to high oil prices and output, in addition to high public expenditure, reported Emirates 24/7.

The IMF added that during the current year, the Gulf country will also post a strong real GDP, expected to be around 6.6 percent, however, it will contract to 1.6 percent next year.

It said that the oil sector grew by 14.9 percent in 2011, to be the main driver of the year’s economic expansion, while in 2012; the sector is expected to post an 8.4-percent growth.

On the other hand, the IMF urged the Kuwaiti government to curb spending and enhance its investment laws to boost non-oil income and reduce dependence on oil revenues.

It is worth noting that Kuwait is expected to post high fiscal and external surpluses, however, inflation is forecasted to drop slightly from 4.7 percent in 2011 to 4.4 percent in 2012 and nearly 4.1 percent next year as a result of a drop in global food inflation.

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