São Paulo – Kuwait’s economy grew by 2.6% year-on-year in Q1, the Kuwait Central Statistics Bureau (KCSB) reported. The number concerns real Gross Domestic Product (GDP), discounted for inflation. Q1 from Q4 2018, GDP slid by 1.9%.
Q1 GDP was KWD 10.04 billion, or USD 32.9 billion at current exchange rates. Oil industry revenues made up 53% of that amount, about KWD 5.3 billion, or USD 17.4 billion, according to a KCSB report.
Despite that fact, oil industry revenues slid 1.2% year-on-year in Q1, since global prices went down. Kuwait’s non-oil GDP widened by 4.1%.
The manufacturing industry accounted for 6.3% of GDP, including petroleum coke and refining. Wholesale and retail made up 3.4%, financial intermediation comprised 9.3% and services answered to 17.7% of GDP. Public administration and defense made up 10% of Kuwait’s economy in Q1.
Services, the second biggest sector, include from education and healthcare to restaurants, hotels and real estate deals. Public administration garnered the third most revenue.
Kuwait’s nominal GDP was up 2.1% year-on-year in Q1, and down 5.7% in Q1 from Q4.
Translated by Gabriel Pomerancblum
