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
 Dec 19 2014 - Int'l community responsible for protecting Palestinians: KuwaitArab Times
(MENAFN - Arab Times) GENEVA Dec 18 (KUNA): Kuwait's permanent delegate to the UN agencies in Geneva Ambassador Jamal Al-Ghunaim said Wednesday the international community needs to shoulder its legal ...

 Dec 19 2014 - Kuwait- Early diagnosis key to defeat breast cancerArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 18 (KUNA): Sheikha Hessa Saad Al- Abdullah Al-Sabah on Wednesday highlighted the importance of early detection in curbing the growth of various forms of cancer. ...

 Dec 19 2014 - Saudi- Host Maskan beats Nesma Inaya edges out Gilas 90-88Arab News
(MENAFN - Arab News) Host team Maskan Arabia Co. brought down Nesma 105-92 while Inaya Medical College edged out S. Gilas 90-88 in the seventh week action in the 2nd Maskan Arabia Invitational ...

 Dec 19 2014 - Saudi- Faisaliah Team A and Courtyard Marriott triumph in Inter-Hotels Cricket eventArab News
(MENAFN - Arab News) Al Faisaliah Team A won its match against Riyadh Marriott while Al Faisaliah-Al Khozama combined Team B went down in defeat to Courtyard Marriott during Friday's matches in the ...

 Dec 19 2014 - Mathy powers to victory in Riyadh Wheelers 60km road raceArab News
(MENAFN - Arab News) A new course used for the first time brought general approval from the 60 riders who signed on for the Riyadh Wheelers 60km road race and with no wind to bother the competitors ...

 Dec 19 2014 - SCTC ABTC-Taif ladies clash in finals Saudia Catering JRTC in ALBAIK Tennis semifinalsArab News
(MENAFN - Arab News) SCTC and ABTC-Taif will dispute the Ladies Division HMX category finals after a grueling double round-robin while in the Men's Division LMX category four teams advanced to the ...

 Dec 19 2014 - Saudi- Hyundai Castrol takes third in 4th MYN 2014 JBL-Lifestylez tourneyArab News
(MENAFN - Arab News) Hyundai Castrol of Dennis Elmenzo beat Fuddruckers 72-53 to claim the third place in the 4th MYN Division at the Ahmed Mohammed Abdul Wahab Naghi Sports Complex in Ash Shati ...

 Dec 19 2014 - Saudi- Natco Desert Warriors win in JCA Money Gram CKB-T20Arab News
(MENAFN - Arab News) The Money Gram-sponsored Cricket Ke Badshah T20 Tournament for the year 2015 under the auspices of Saudi Cricket Center (SCC) took off to a rousing start with 28 teams entered in ...

 Dec 19 2014 - UN seeks 8.4bn to help Syrian victimsArab News
(MENAFN - Arab News) BERLIN: The UN appealed Thursday for $8.4 billion to provide emergency aid and longer-term help to nearly 18 million people in Syria and across the region hit by the drawn-out ...

 Dec 19 2014 - Saudi- Nigeria sentences 54 soldiers to deathArab News
(MENAFN - Arab News) ABUJA Nigeria: Nigeria has sentenced 54 soldiers to death for mutiny assault cowardice and refusing to fight extremists.The court-martial charges all were connected to the ...

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