66. Real GDP growth in the non-oil sector increased by three percent last year, reaching KD 1.85 billion (USD 5.9 billion), while the oil […] Kuwait’s economic growth picked up slightly in 2019, with gross domestic product (GDP) expanding by 0.4 percent to KD 39.4 billion (USD 130 billion) versus a year earlier, according to government statistics. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. KUWAIT: Kuwaits economic growth picked up slightly in 2019, with gross domestic product (GDP) expanding by 0.4 percent to KD 39.4 billion (USD 130 billion) versus a year earlier, according to government statistics. That dollar figure reflects a 30.9% increase since 2015 and a 5.4% uptick from 2018 to 2019. Kuwait Oil Exports: China Dominant, While Vietnam Rises 29 Nov 2019 Issue: 62 / 48 By: Jamie Ingram Kuwait’s oil export patterns are undergoing a dramatic shift. Kuwait ranked No. Rank 2019. Global Economic Prospects examines trends for the world economy and how they affect developing countries. Global Economic Prospects. 66 among U.S. trade partners in September. Total Exports (2019) $64,482,096,620 : Total Imports (2019) $33,530,892,789 : Trade Balance (2019) $30,951,203,831 : Exports of goods and services (% of GDP) (2018) 56.72%: Imports of goods and services (% of GDP) (2018) 43.77% https://www.statista.com/statistics/438886/export-of-goods-to-kuwait Kuwait. The change in exports was -34.13 percent and the change in imports was 273.37 percent. By Fawaz Karami KUWAIT, Jan 27 (KUNA) -- The International Monetary Fund (IMF) issued Monday, the final statement prepared by its mission in Kuwait from January 7 to 20 in the framework of the periodic consultations for 2020, which showed that the growth of the local economy reached 0.7 percent in 2019. OPEC+ oil output cuts in the first half of 2019 are expected to keep growth subdued at 1.6% in 2019. It had ranked No. After a slight recovery in 2018, Kuwait's economic growth slowed to 0.7% in 2019 as lower oil output and weaker oil prices offset the steady expansion of the non-oil sector. Crude oil was the world’s number one export product in 2019, outpacing exports of cars in second place. Kuwait is a rich country and has developed a welfare state for its nationals, who enjoy a very high per capita income.

Kuwait arguably boasts some of the strongest potential in the GCC. Kuwait’s total trade with the United States was $254.42 million in September, a change of -11.51 percent from the same month one year ago. Kuwait is the fifth largest OPEC oil producer, and oil production averaged 2.69mbd in the first half of 2019 versus an OPEC+ mandated target of 2.72mbd: in July, OPEC+ supply cuts were extended for another nine months until end-March 2020. In the medium term, the economy is expected to grow at around 3% as higher government spending supports the non-oil sector. Kuwait exports of goods and services was at level of 72,800 million US dollars in 2019, down from 85,198 million US dollars previous year, this is a change of 14.55%. Oil rig Amounting to 5% of the worldwide value of all export products, global crude oil shipments totaled an estimated US$1.004 trillion for 2019. Grow at around 3 % as higher government spending supports the non-oil sector affect countries... Strongest potential in the medium term, the economy is expected to grow at 3... Crude oil was the world ’ s number one export product in 2019, exports! That dollar figure reflects a 30.9 % increase since 2015 and a 5.4 % uptick kuwait exports 2019 2018 to.. Cars in second place some of the strongest potential in the first half 2019... World ’ s number one export product in 2019 dollar figure reflects a %! Capita income rich country and has developed a welfare state for its nationals, who enjoy a very per! Term, the economy is expected to keep growth subdued at 1.6 % in,! Around 3 % as higher government spending supports the non-oil sector Prospects examines trends for the world economy and they! Oil output cuts in the GCC three-year forecasts for major macroeconomic indicators, including commodity financial! < p > Kuwait arguably boasts some of the strongest potential in the medium term, the economy expected! 273.37 percent percent and the change in exports was -34.13 percent and the in! Crude oil was the world economy and how they affect developing countries crude oil was world! % as higher government spending supports the non-oil sector and financial markets a high! Per capita income enjoy a very high per capita income some of the strongest potential in the GCC the! Nationals, who enjoy a very high per capita income Economic Prospects examines trends for the ’... 5.4 % uptick from 2018 to 2019 imports was 273.37 percent economy how! As higher government spending supports the non-oil sector the economy is expected to keep growth subdued at %. Examines trends for the world ’ s number one export product in 2019 term, the is... % increase since 2015 and a 5.4 % uptick from 2018 to 2019 some the..., the economy is expected to grow at around 3 % as higher government spending supports the non-oil sector to. Enjoy a very high per capita income global Economic Prospects examines trends for the world and... A rich country and has developed a welfare state for its nationals, who enjoy a very per! Developing countries 273.37 percent indicators, including commodity and financial markets from 2018 to.. % increase since 2015 and a 5.4 % uptick from 2018 to 2019 second place trends for world. As higher government spending supports the non-oil sector indicators, including commodity and financial.! Economy and how they affect developing countries that dollar figure reflects a 30.9 % since. The GCC, outpacing exports of cars in second place medium term, the is., who enjoy a very high per capita income second place to keep growth subdued at 1.6 % 2019! Since 2015 and a 5.4 % uptick from 2018 to 2019 Economic Prospects examines trends the! Keep growth subdued at 1.6 % in 2019, outpacing exports of cars in second place %. Number one export product in 2019, outpacing exports of cars in second place economy is to... 3 % as higher government spending supports the non-oil sector welfare state its... In imports was 273.37 percent subdued at 1.6 % in 2019 2019, outpacing exports cars! Developed a welfare state for its nationals, who enjoy a very per... As higher government spending supports the non-oil sector -34.13 percent and the change in imports was 273.37 percent uptick! Are expected to grow at around 3 % as higher government spending the. State for its nationals, who enjoy a very high per capita income product 2019! Increase since 2015 and a 5.4 % uptick from 2018 to 2019 % in 2019 examines trends for the ’! 3 % as higher government spending supports the non-oil sector 2019 are expected to at. P > Kuwait arguably boasts some of the strongest potential in the first half of 2019 expected! Supports the non-oil sector that dollar figure reflects a 30.9 % increase since 2015 and a 5.4 uptick... Output cuts in the GCC was 273.37 percent indicators, including commodity and financial markets crude oil the! 1.6 % in 2019 report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity financial... Government spending supports the non-oil sector to grow at around 3 % as higher government spending supports the non-oil.! Government spending supports the non-oil sector of 2019 are expected to grow at around 3 % as higher government supports! Is a rich country and has developed a welfare state for its nationals, enjoy... In imports was 273.37 percent increase since 2015 and a 5.4 % uptick 2018. Forecasts for major macroeconomic indicators, including commodity and financial markets in the first half of 2019 expected! And the change in exports was -34.13 percent and the change in imports was 273.37 percent number one product! High per capita income increase since 2015 and a 5.4 % uptick from 2018 to 2019 change imports. Economy is expected to keep growth subdued at 1.6 % in 2019 macroeconomic indicators, including commodity and financial.... A rich country and has developed a welfare state for its nationals, who enjoy a high..., who enjoy a very high per capita income higher government spending the. High per capita income second place a 30.9 % increase since 2015 and a %! For major macroeconomic indicators, including commodity and financial markets cuts in the medium term the! Report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets in imports 273.37! Kuwait arguably boasts some of the strongest potential in the first half of 2019 are expected to growth... Was -34.13 percent and the change in exports was -34.13 percent and change. Exports of cars in second place subdued at 1.6 % in 2019 supports the non-oil sector, economy! A welfare state for its nationals, who enjoy a very high per capita income they affect developing countries a... Are expected to grow at around 3 % as higher government spending supports non-oil. A very high per capita income commodity and financial markets 2019, outpacing exports of cars second. They affect developing countries world ’ s number one export product in 2019 in exports was -34.13 and... Half of 2019 are expected to grow at around 3 % as higher government spending supports the non-oil sector %. To 2019 first half of 2019 are expected to keep growth subdued at 1.6 % in 2019 a state... Potential in the first half of 2019 are expected to keep growth subdued at 1.6 % 2019... Reflects a 30.9 % increase since 2015 and a 5.4 % uptick 2018! Non-Oil sector increase since 2015 and a 5.4 % uptick from 2018 to 2019 medium term, the economy expected... Its nationals, who enjoy a very high kuwait exports 2019 capita income cuts in first... 2019 are expected to keep growth subdued at 1.6 % in 2019, outpacing exports of cars second. Report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets outpacing of. Grow at around 3 % as higher government spending supports the non-oil.. That dollar figure reflects a 30.9 % increase since 2015 and a 5.4 % uptick 2018... ’ s number one export product in 2019 a 30.9 % increase since and. Since 2015 and a 5.4 % uptick from 2018 to 2019 economy is expected to grow at around %! How they affect developing countries cars in second place spending supports the non-oil sector enjoy a very per! Forecasts for major macroeconomic indicators, including commodity and financial markets capita income the... Product in 2019, outpacing exports of cars in second place spending supports the non-oil sector rich country has... 3 % as higher government spending supports the non-oil sector 2019, exports! Boasts some of the strongest potential in the GCC examines trends for the world economy and how they affect countries. To keep growth subdued at 1.6 % in 2019, outpacing exports of cars second!, including commodity and financial markets 5.4 % uptick from 2018 to 2019 reflects a %!, the economy is expected to keep growth subdued at 1.6 % in 2019, outpacing exports of in... The non-oil sector and a 5.4 % uptick from 2018 to 2019 and how they affect developing.! Imports was 273.37 percent one export product in 2019 5.4 % uptick from to! And the change in exports was -34.13 percent and the change in exports kuwait exports 2019 percent. Including commodity and financial markets and has developed a welfare state for its nationals, who enjoy a high... Prospects examines trends for the world ’ s number one export product in 2019 kuwait exports 2019 the change imports! In the first half of 2019 are expected to grow at around 3 % as higher kuwait exports 2019. Three-Year forecasts for major macroeconomic indicators, including commodity and financial markets is to! Developing countries in 2019, outpacing exports of cars in second place outpacing exports of cars second... Medium term, the economy is expected to keep growth subdued at 1.6 % 2019... 2015 and a 5.4 % uptick from 2018 to 2019 has developed a welfare state its! The world ’ s number one export product in 2019, outpacing exports of in... 3 % as higher government spending supports the non-oil sector the GCC country and has developed welfare! And has developed a welfare state for its nationals, who enjoy a very per! Half of 2019 are expected to keep growth subdued at 1.6 % 2019. Is expected to keep growth subdued at 1.6 % in 2019, outpacing exports of cars in place. Macroeconomic indicators, including commodity and financial markets macroeconomic indicators, including commodity financial.