Kuwait’s gross domestic product (GDP) expanded 1.8 percent in constant prices during the third quarter of the year, as compared to last year’s figure of 26.9 percent in current prices, the Central Statistical Bureau (CSB) said on Sunday.
The price of oil hit its highest level since 2014, pushing GDP growth in current prices to an estimated value of KD 11 billion ($363.3 billion), an increase worth 26.9 percent when compared to the same period last year, CSB said in a statement.
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GDP growth in constant prices hit KD 9.8 billion ($32.3 billion), equivalent to a growth rate of 1.8 percent, the data showed.
The oil sector’s contributions to GDP growth in current prices during the third quarter of the year had risen 54.3 percent, up from last year’s figure of 44.4 percent, while it remained stable at 59.4 percent in constant prices.
Meanwhile, an increase in Kuwait’s crude oil and natural gas outputs was among the most notable economic happenings of the year, with an increase in current prices worth 56.3 percent.
According to the data, the healthcare and education sectors, in addition to the real estate sector, were also major contributors to Kuwait’s GDP growth in constant prices.
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