Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Crude Oil Output Reaches 3 Mln Barrels Per Day  Join our daily free Newsletter

MENAFN - Arab Times - 25/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Latest official data show that Kuwait's GDP grew by 8% in real terms in 2012, above expectations (2013 data is not yet available). However, stronger than expected growth was driven mostly by statistical factors: a change in the base year (from 2000 prices to 2010 prices) which saw GDP re-weighted towards the fast-growing oil sector. This aside, the underlying picture was more or less as expected. The non-oil sector saw steady and unspectacular growth, characterized by high government spending, a weak investment environment and healthier private-sector activity. Non-oil growth should have picked up slightly in 2013



The oil sector (including refining) grew by a significant 12% y/y in 2012. This came on the back of large increases in oil production as Kuwait - along other key OPEC producers - looked to offset output declines in other countries, notably sanctions-affected Iran. Kuwait's crude output rose from under 2.7 million barrels per day to 3.0 in 2012. But in 2013, production was cut by about 2%, and is expected to see further reductions this year as global oil demand growth remains moderate while non-OPEC supplies continue to rise.



The non-oil sector grew at a relatively steady - though still modest - 3%. The star performer in the economy was the manufacturing sector (excluding refining), which saw a huge 24% rise in 2012. (Chart 2.) This sector alone accounted for half of the increase in non-oil GDP. The rise was driven primarily by the chemicals segment - largely petrochemicals





Private sector activity also showed signs of finally picking-up. Combined output of the construction, trade, transport & communication, and finance sectors - in which private sector firms dominate and which account for more than half of all non-oil output - grew by 4% in 2012, following four years of contraction. Although this points to some improvement, progress on economic reforms to boost private vestment levels would definitely further enhance the performance of these sectors




On the expenditure side of GDP, growth was driven by government consumption which grew by a large 15% in 2012. (Chart 4.) Government spending on wage and benefit increases have provided considerable support for the economy, specifically for the consumer sector. The latter has been the economy's main bright spot for several years. This has in turn helped private consumption levels, which grew at a steady 7%. Meanwhile, investment spending growth has remained relatively weak at around 3%, reflecting sluggish implementation of government infrastructure schemes



Going forward, we expect growth in the non-oil sector to improve thanks to better project execution and continued strength in the consumer sector. We see non-oil growth rising slightly to 4-5% over the next two years. But since the economy remains heavily skewed towards the oil sector - more so as a result of the re-weighting of GDP - overall growth is likely to be muted because of the expected contraction in oil sector output



In addition to the new 2012 data, revisions were made to the 2011 figures which saw real non-oil growth revised to 4% from the 1% reported earlier. The main source of revision was from the manufacturing sector, in which growth was revised up from -3% to 20%, though the underlying source of this large change is unclear. Despite the rebasing, the shares of each sector within non-oil GDP were essentially unchanged

Overall growth in 2011 was also revised up to 10% from 6% previously, but this was mostly due to the higher weight given to the strong-performing oil sector. The oil sector's contribution to real GDP stood at 59% in 2011, from 42% in the previous weighting. The sector grew by some 15% y/y, accounting for more than 80% of the increase in GDP growth. Parallel revisions on the expenditure side came primarily from stronger net exports.

 


Arab Times




  MENA News Headlines
 Jul 31 2016 - Credit Czar David Howe Proclaims MCTV President Robert Gessner's ACA Re-ElectionMENAFN Press
(MENAFN Press) Credit Czar David Howe Proclaims MCTV President Robert Gessner's ACA Re-Election Robert Gessner, MCTV President David Howe SubscriberWise CEO and FICO Pro SubscriberWise ...

 Jul 31 2016 - ACC GLOBAL MEDIA features Adele Tartaglia Founder of Mind Body Behavioral Reprogramming, Texas & NationwideMENAFN Press
(MENAFN Press) ACC GLOBAL MEDIA features Adele Tartaglia Founder of Mind Body Behavioral Reprogramming, Texas & Nationwide Adele Tartaglia, Founder of Mind Body Behavioral Programming ACC Global ...

 Jul 31 2016 - UAQ Ruler congratulates Moroccan Monarch on the Throne DayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) UMM AL QAIWAIN, 30th July, 2016 (WAM) - H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has sent a ...

 Jul 31 2016 - New global survey shows E-government emerging as a powerful toolEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 30th July, 2016 (WAM) - The United Kingdom, followed by Australia and the Republic of Korea, lead the world in providing government services and ...

 Jul 31 2016 - Ajman Ruler congratulates Moroccan Monarch on the Throne DayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 30th July, 2016 (WAM) - H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has sent a congratulatory cable to King ...

 Jul 31 2016 - DEWA requires Ejari for activation of utility services as per highest international standardsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 30th July, 2016 (WAM)--Dubai Electricity and Water Authority (DEWA) has requested all its customers to provide their Ejari certificates from the ...

 Jul 31 2016 - Diplomats visit Liwa Date FestivalEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) WESTERN REGION, 30th July, 2016 (WAM) -- A number of members of the diplomatic corps accredited to the state and other guests visited the Liwa Date ...

 Jul 31 2016 - Saif bin Zayed orders setting up of committee to license traffic accidents' expertsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 30th July, 2016 (WAM) -- H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and the Minister of Interior, has ordered the ...

 Jul 31 2016 - Dubai set to become international hub for 3D printingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 30th July, 2016 (WAM)--Dubai's active initiatives toward encouraging 3D printing are set to make it the world's leading destination in this additive ...

 Jul 31 2016 - ADM, strategic partners meet residents of Al FalahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 30th July, 2016 (WAM)-- Abu Dhabi City Municipality (ADM) has held a gathering (Al Multaqa) with Al Falah residents to assess their needs for ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help