Kuwait GDP to grow at 5.4% this year

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A view of downtown Kuwait City.

Kuwait’s state-run news agency reported the oil rich nation’s gross domestic product to grow as much as 5.4% for the fiscal year ended 31 March, citing a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy.

Kuwait News Agency (KUNA) added that GDP growth was spurred by higher oil prices.

According to International Monetary Fund data, the Gulf nation, which is also the fourth-largest oil producer in the Organisation of Petroleum Exporting Countries (OPEC), had the slowest GDP growth among members of the Gulf Cooperation Council over the past five years.

GDP expanded by an average 2.6% annually compared with 4.2% in the United Arab Emirates, 5.7% in Bahrain and 18% in Qatar, the IMF report suggested.

Kuwait last month post its largest revenue and budget surplus ever for current fiscal year thanks to high oil prices and increase in production. The National Bank of Kuwait’s economic forecast said revenues in the 2011/2012 fiscal year, which ends 31 March, are expected to top $100 billion for the first time, ending between $101 billion and $104 billion. The report also added that oil income contributed to the state’s 95% of the total revenues.

Kuwait’s previous record revenues reached last fiscal year $79 billion, while its largest budget surplus was $33.5 billion in the 2007/2008 fiscal year.

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