Stock Kuwait city skyline
Kuwait city skyline residential Image Credit: AFP

Abu Dhabi: Kuwait’s gross domestic product declined by 8.9 per cent in 2020, compared to 2019, where the estimated value with constant prices amounted to KD36 billion. In comparison, the value in 2019 was estimated at KD39.5 billion, the Central Statistical Bureau announced in a report released on Monday.

The Kuwaiti economy shrank by 11.2 per cent in Q4 2020, compared to Q3 with constant rates, while the decline in current prices amounted to 20.2 per cent in Q4 2020, compared to the same quarter of the previous year.

Contribution of the oil sector to the GDP with current prices in Q4 amounted to KD2.8 billion or 33.4 per cent, while this value increased to KD4.6 billion, with a contribution proportion amounting to 51.1 per cent with fixed prices.

The value of the oil sector in Q4 2020 with current prices rose by 3.4 per cent compared to Q3, while the contribution value reached 2.1 per cent with constant prices compared to Q3.

The income of the non-oil sector with current prices in the last quarter of 2020 showed a decline of 2.5 per cent compared to the same quarter of the previous year, but it grew by 13.2 per cent compared to Q3 2020.