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Kuwait Times, Wednesday, Jul 29, 2020 | Zul Hijjah 8, 1441

Kuwait’s GDP drops one percent

Kuwait: Kuwait’s quarterly gross domestic product (GDP) dropped one percent in Q1 2020 compared to the same period of 2019, amounting to KD 9.7 billion ($32 billion), according to Kuwait Central Statistical Bureau. The bureau said in a statement to the press on Sunday the quarterly domestic product with current rates dropped by 8.8 percent in Q1 2020 in contrast to the past year period, where the GDP was estimated at KD 9.1 billion ($30 billion).

Contribution of the oil sector to the GPD in Q1 2020 amounted to KD 3.7 billion ($12.2 billion), 40.3 percent of the domestic product, where this value rose to KD 5.2 billion ($17 billion), with a contribution proportion estimated at 54.2 percent. Non-oil domestic product in Q1 2020 dropped by 3.5 percent versus the corresponding quarter of last year, where its estimated value was KD 4.4 billion ($14.5 billion), with an estimated contribution to the domestic product of 45.8 percent.

Contribution of the oil and natural gas product climbed by 53-54 percent, it said, adding that the added value of this activity dropped by 16.9 percent of the value of the past year first quarter — amid slump of the oil prices globally.

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