Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Economic outlook For Kuwait GDP 2014 - KFH  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 12/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) Kuwait's real GDP forecast is forecast to maintain at at 5.0% in 2014 (2013: 4.5%), according to a report released by Kuwait Finance House (KFH) on Friday



Growth will be supported by resilient oil production, which forms the bulk of exports, on-going recovery in the non-oil sector, strong public and private investment in infrastructure projects and increasing foreign direct investment (FDI)



Further growth is underpinned by the expansion of fiscal policy in the form of contributions and debt relief programs introduced by the government, which will boost private consumption going forward. Kuwait's oil sector is expected to continue increasing, albeit at a slower rate by 4.0% in 2014 (2013: 4.4%) as a result of a gradual decline in oil production



For non-oil sector, growth is likely to rebound to 5.2% in 2014 from 4.6% reported for 2013; on the back of further recovery in the manufacturing, construction and real estate sectors following strong government capital expenditure budget allocation for FY2013/14



Examples of government expenditure budget allocation include spending approximately 50% of the Development Plan's budget by March 2014 on more than 1200 economic projects to reining in on spending on subsidies and welfare programs. In-house projection is much higher than the IMF's conservative forecasts of 2.6%



In February 2014, Kuwait's oil production remained at 2.90mln barrels per

Day, similar to December 2013's output - the fourth straight month of below 3.0mln output since September 2014. Kuwait's current production capacity is 3.3mln bpd and aims to increase it to 3.5mln bpd by 2015. The slight drop in Kuwait's oil production is in line with the slowdown in recent OPEC's oil output and other member countries. OPEC crude production dropped to the lowest level in more than two years in December 2013, and has maintained the same output For the months that followed



OPEC is expected to produce at below the group's agreed ceiling of 30mln barrels a day in the second quarter of 2014, at 29.6mln barrels a day, according to OPEC's Monthly Oil Market Report. This is a decrease of 0.3mln barrels a day from December 2013. Kuwait's efforts to develop its heavy oil capacity are part of the country's plan to increase overall crude oil output to 4mln barrels per day by 2020 from current production of approximately 3.0mln barrels per day. Kuwait has approved bids worth a total of USD12bln for major upgrades at two oil refineries, in a sign it is moving ahead with large infrastructure projects. The Clean Fuels Project is a specification upgrade and expansion of Kuwait's largest refineries as part of its economic development plan



Meanwhile, the price of Kuwait Export Crude (KEC) declined slightly to USD103.1 per barrel as at 14 March 2014, in line with other global oil prices. This compares to a slightly higher price of USD106.33 as at 03 March 2014.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Apr 19 2015 - UAE global exports reach USD359bMENAFN
(MENAFN) The global exports for the United Arab Emirates accumulated a sum of about USD359 billion, an amount equivalent to 1.9 percent of the entire world exports, 7 Days reported.According to the ...

 Apr 19 2015 - Egypt, OPEC sign USD27m finance loanMENAFN
(MENAFN) The Egyptian Ministry of International Cooperation signed a USD27 million financing deal with OPEC Fund for International Development to help the government in establishing Ain Shams ...

 Apr 19 2015 - 83.7% annual increase in railway revenues during December: CAPMASDaily News Egypt
(MENAFN - Daily News Egypt) There has been an 83.7% increase in the revenues of railway transportation during December 2014, reaching EGP 99.4m, according to the Central Agency for Public ...

 Apr 19 2015 - QNB Al-Ahli net profits up 30% in MarchDaily News Egypt
(MENAFN - Daily News Egypt) Net profits for Qatar National Bank (QNB Al-Ahli) reached EGP 622m in March, marking a 30% increase compared to the same month in 2015, the bank announced ...

 Apr 19 2015 - Egypt- Minister of International Cooperation predicts further economic growthDaily News Egypt
(MENAFN - Daily News Egypt) The global decrease in oil prices is of benefit to Egypt, on the one hand, but may have a negative impact, on the other, according to Minister of International Cooperation ...

 Apr 19 2015 - Egypt, CMI sign MoUDaily News Egypt
(MENAFN - Daily News Egypt) Minister of International Cooperation Naglaa Al-Ahwani has signed a Memorandum of Understanding (MoU) with World Bank Vice President for the Middle East and North Africa ...

 Apr 19 2015 - Notorious conman reveals holes in Egyptian investment marketDaily News Egypt
(MENAFN - Daily News Egypt) Prosecution investigations revealed that a notorious conman, known as Al-Mestarayah, has only EGP 7m in six Egyptian banks, contrary to the EGP 300m that he has allegedly ...

 Apr 19 2015 - UAE, Egypt sign deal to construct 50k housing unitsMENAFN
(MENAFN) The United Arab Emirates are set to sign a construction deal with Egypt that includes the building of 50 thousand housing units in Egypt's new capital project, Amwal Alghad reported.The ...

 Apr 19 2015 - Kuwait finalises investment arm in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) Kuwait has completed the lengthy establishment of a company through which the state's future investments in Egypt will be carried out, a source familiar with the Gulf ...

 Apr 19 2015 - Egypt- Anti-death penalty group pleas to halt execution of 7 citizensDaily News Egypt
(MENAFN - Daily News Egypt) The "Against the Death Penalty" group met with the National Council for Human Rights (NCHR) after urgently appealing the council to stop the execution of seven citizens in ...

more...


 






Google

Click to Apply

 
 

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