High global oil prices have enabled Kuwait to maintain a trade surplus despite the domestic political changes observed in recent years, measuring a GDP growth of 8.9% in 2022. Although 2023 saw the country’s GDP contract by 0.6% amid global headwinds, diversification efforts guided by New Kuwait 2035, new infrastructure developments in and beyond the hydrocarbons sector, and a push for privatisa
Aided by elevated oil revenue and the resumption of economic activity after the Covid-19 pandemic, Kuwait was able to narrow its budget deficit for FY 2021/22 year and record GDP growth in excess of 8% in 2022. With a newly elected Parliament in place and a new Cabinet appointed, there is renewed hope that the country will undertake the reforms needed for long-term economic growth and diversificat
With 6% of the world’s proven oil reserves and 1% of its natural gas, hydrocarbons continue to form the backbone of Kuwait’s economy. Given that the energy sector accounts for 90% of exports and government revenues, state coffers have been under strain as a result of the 2014 fall in oil prices. However, the resurgence in global commodity markets bodes well for the future and has led to a to a
With oil making up approximately 60% of the country’s GDP, Kuwait, like its Gulf neighbours, has had to adjust to the new economic realities caused by lower oil prices. However, strong financial buffers have ensured that the country has been able to weather the storm, while a renewed appetite for investment reform bodes well for private sector players. In its long-term policy document, New Kuwai
Investment in Kuwait’s tourism industry is set to increase over the next decade, as the government moves to speed up construction of a new international airport terminal and several major hotel chains work to expand operations in the capital city. Airport construction Last month the government announced it had cut the completion time for a new terminal at Kuwait International Airport (KIA) from…
The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls. In the medium term the introduction of new taxes, a reduction of state subsidies and a renewed sense of urge
Recent data show that Kuwait’s tourism sector had a good summer, with its hotels outperforming those found in many other GCC markets. Both public and private industry stakeholders are keen to build up the market further, although the limited scope of Kuwait’s tourist offering could make meeting targets difficult to achieve, at least in the short term. Positive performance in August A report…
Although located in a region that includes several ostentatious and glitzy neighbours, Kuwait takes a different approach to attracting visitors. Nestled between Iraq and Saudi Arabia in the north-west corner of the Gulf, the country is turning itself into a regional centre of retail as well as culture. While Bahrain and Dubai offer the hustle and bustle of big city life, Kuwait offers a more…
