Mubasher: The Kuwaiti economy grew by 0.4% year-on-year (YoY) in 2019, according to a recent report by the Central Statistical Bureau (CSB).
The GCC nation's GDP amounted to KWD 39.4 billion (around $130 billion) by fixed prices, state-run Kuwait News Agency (KUNA) reported.
In the fourth quarter (Q4) of 2019, the GDP is estimated to have declined by 3% YoY by current prices, while growing by 2.6% by fixed prices as compared to Q3-19.
According to the statement, the oil sector contributed 43.9% to the GDP by current prices, equivalent to KWD 4.5 billion (about $14.8 billion). The value has soared by 52.8% to KWD 5.2 billion ($17 billion) by fixed prices.
Non-oil sector
In Q4-19, the non-oil domestic product inched up by 0.6% annually by fixed prices, after it had grown by 3.5% in Q3-19.
In the meantime, the contribution of crude oil and natural gas production went down to 52.8% by fixed prices in Q4-19 by from 53.6% in the same period in 2018.
The manufacturing industries accounted for 6.5% of the GDP by current prices and 6.7% by fixed prices, the statement said.
Retail and wholesale trade, financial brokerage, and services
The retail and wholesale trade slipped by 2.6% YoY in Q4-19 by fixed prices, with the added value totalling KWD 363.2 million ($1.2 billion), accounting for 3.6% of the quarterly GDP.
As for financial brokerage, the added value edged down by 0.2% annually by fixed prices, standing at KWD 805 million ($2.6 billion).
The services sector accounted for 18.6% of the quarterly GDP by steady rates, with a value of KWD 1.8 billion ($5.9 billion).
