Kuwait GDP Annual Growth Rate

Kuwait's economy contracted by 1.3% over a year in the second quarter of 2023, following a 0.8% rise in the previous period, according to preliminary data from the National Bank of Kuwait. This was the first decline in economic activity since Q1 2021, largely attributed to a 3.9% reduction in oil output, on the back of OPEC-mandated production cuts. Meanwhile, non-oil activity grew 1.5%, after several negative quarterly readings, mainly boosted by strong gains in the transportation (+35%) and construction (+21%) sectors.