Kuwait's Third-Quarter GDP Grows 1.8%Source: www.export-egypt.com 12/31/2018, Location: Middle East |
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Kuwait's gross domestic product (GDP) expanded 1.8 per cent in constant prices during the third quarter of the year, as compared to last year's figure of 26.9 per cent in current prices, Kuwait’s Central Statistical Bureau (CSB) said .
The price of oil hit its highest level since 2014, pushing GDP growth in current prices to an estimated value of KD 11 billion ($ 363.3 billion), an increase worth 26.9 per cent when compared to the same period last year, CSB said in a statement to Kuwait News Agency (KUNA). GDP growth in constant prices hit KD 9.8 billion ($ 32.3 billion), equivalent to a growth rate of 1.8 per cent, the data showed. The oil sector's contributions to GDP growth in current prices during the third quarter of the year had risen 54.3 per cent, up from last year's figure of 44.4 per cent, while it remained stable at 59.4 per cent in constant prices. Meanwhile, an increase in Kuwait's crude oil and natural gas outputs was among the most notable economic happenings of the year, with an increase in current prices worth 56.3 per cent. According to the data, the healthcare and education sectors, in addition to the real estate industry, were also major contributors to Kuwait's GDP growth in constant prices. |
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