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Kuwait GDP May Grow 5.4% on Increase in Oil Prices, KUNA Reports

Kuwait’s gross domestic product may grow as much as 5.4 percent for the fiscal year ended March 31, KUNA reported, citing a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy.

GDP growth was spurred by higher oil prices, the state-run news agency said.

Kuwait, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries, had the slowest GDP growth among members of the Gulf Cooperation Council over the past five years, according to International Monetary Fund data.

GDP expanded by an average 2.6 percent annually compared with 4.2 percent in the United Arab Emirates, 5.7 percent in Bahrain and 18 percent in Qatar, according to the IMF.

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