KUWAIT OUTPUT IS REGARDED AS 'STRONG'

  • 02/10/2022

Kuwait City: According to the Economist Intelligence Unit, if the political schism between the executive and legislative branches continues in Kuwait, and to add insult to injury, the bureaucracy, will alienate some investors and slow the pace of public-private partnership projects. This is likely to have a negative impact on the country's business climate between 2023 and 2027, reducing long-term growth prospects. 


According to the unit's report, real GDP in 2023 and 2024 will be stable following the strong growth in 2022 and 2023 as a result of rising global oil prices and the termination of production quotas imposed by the "OPEC Plus" alliance. 

The unit also predicted that due to the termination of "OPEC Plus" production quotas and the new production capacity at the Al-Zour refinery, oil production would rise by 6% to an average of 2.85 million barrels per day in 2023. Despite the increase in oil production, Economist Intelligence predicted that real GDP growth, which is expected to average 8% between 2022 and 2023, will slow to 4%, as the increase in oil production will not be enough to compensate for global price declines.

Related News

Kuwait Tops Global Hunger Index 2024 as Least Hungry Country
  • 04/02/2025
MoI: Implementation of new traffic fines on April 22
  • 04/02/2025
Kuwait Council of Ministers Holds Weekly Meeting at Bayan Pa ...
  • 04/02/2025
Kuwait population increases every 5 minutes
  • 03/02/2025
Kuwait Stabilizes Market Ahead of Ramadan
  • 29/01/2025
Kuwait Arrests Egyptian Expat for Forging Medical Documents
  • 29/01/2025
Kuwait Ministry of Education Cuts School Bag Weight by 50%
  • 27/01/2025
Security campaigns in Jleeb and Ahmadi
  • 27/01/2025
Kuwait introduces new housing standards for workers
  • 26/01/2025
2 Young Men Killed in Saad Al-Abdullah Car Crash
  • 26/01/2025
Women’s Health Index: Kuwait ranks 1st in Middle East, 2nd ...
  • 26/01/2025
Kuwait Announces 3-Day Holiday for Isra Wal Miraj
  • 25/01/2025