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FINANCIAL NEWS
Kuwait’s non-oil sector growth slows to 2.1 percent in 2014
06 Sep 2015
(MENAFN) According to data recently released data by the Central Statistics Bureau (CSB), Kuwait’s non-oil sector growth slowed to 2.1 percent in real terms last year.
Real growth in overall GDP declined 1.6 percent, dragged down by the oil sector. Growth in domestic demand also slowed during the year, though to a still very decent 4.4 percent.
Private consumption growth also slowed for a second straight year, as the sector has been moderating. The oil sector, which includes crude and oil refining, shrank by 1.7 percent in 2014.
The decline, which follows a similar decrease the year before, was due in part to a similar drop in crude oil production, which fell to an average of 2.88 million barrels per day.
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