Kuwait’s GDP declined by 8.9 percent in 2020 in contrast to 2019, where the estimated value with constant prices amounted to KD 36 billion (USD 118.8 billion).
Kuwait , Kuwait
10 June 2021, 12:00 AM
30 June 2021, 12:00 AM
Kuwait’s gross domestic product declined by 8.9 per cent in 2020, compared to 2019, where the estimated value with constant prices amounted to KD36 billion.
In comparison, the value in 2019 was estimated at KD39.5 billion, the Central Statistical Bureau announced in a report released on Monday.
In Q4 2020, kuwaiti economy shrank by 11.2 per compared to Q3 with constant rates. The decline in current prices amounted to 20.2 per cent in Q4 2020, compared to the same quarter of the previous year.
The oil sector contribution in Q4 to the GDP with current prices amounted to KD2.8 billion or 33.4 per cent, while this value increased to KD4.6 billion, with a contribution proportion amounting to 51.1 per cent with fixed prices.
The income of the non-oil sector with current prices in the last quarter of 2020 showed a decline of 2.5 per cent compared to the same quarter of the previous year.