Kuwait’s economy seen slowing to 6.6pc
Kuwait, June 17, 2012
Kuwait’s economic growth is expected to slow to 6.6 per cent in 2012 from 8.25 per cent last year, a report said.
High oil revenues and prices have helped Kuwait generate large fiscal surpluses that have fed its growing public spending, Gulf News quoted the International Monetary Fund (IMF) as saying its latest review of Kuwait’s economy.
“Higher oil revenues resulted in an increase in Kuwait’s current account and fiscal surpluses to over 14 per cent and 30 per cent of GDP respectively in 2011,” the IMF report said.
However, the international agency sees the growth slow to 1.8 per cent while consumer prices would be up 4 per cent in 2013.