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
 Mar 31 2015 - US Crude Recovery May Be Limited, Natural Gas Braces For Storage DataDailyFX
(MENAFN - DailyFX) Gold slumped on Wednesday as its pricing currency the USD gained on the back of the December FOMCdecision. The removal of the 'considerable time' phrase from the policy statement, ...

 Mar 31 2015 - A noble gesture by UAE's Sheikh Hamdan: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The decision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to donate his Dubai World ...

 Mar 31 2015 - Etihad Airways celebrates arrival of inaugural Alitalia flights from Venice and Milan to Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Etihad Airways, the national airline of the United Arab Emirates, joined celebrations at Abu Dhabi International Airport yesterday to welcome the arrival of its ...

 Mar 31 2015 - UAE's Ministry of Higher Education and Scientific Research joins local and federal scholarship authorities to activate National Scholarship DatabaseEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) On the instructions of Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, to coordinate and unite efforts with all ...

 Mar 31 2015 - UAE's Assistant Under-Secretary for Protocol Affairs at MoFA attends reception at Bangladesh EmbassyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Shehab Ahmed Mohammed Al Fahim, Assistant Under-Secretary for Protocol Affairs in the Ministry of Foreign Affairs, attended a reception last night hosted by ...

 Mar 31 2015 - UAE's Minister of Environment discusses cooperation with Ambassadors of Poland and EritreaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, has met with Adam Krzymowski, Poland's Ambassador to the UAE, and discussed ways to enhance ...

 Mar 31 2015 - UAE's DLD sponsors fifth cycle of Princess Haya Award for Special EducationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Land Department, DLD, has signed a sponsorship agreement with the Princess Haya Award for Special Education, PHASE, to host its fifth cycle due to be held ...

 Mar 31 2015 - Talented Emirati musicians perform for patients across the UAE to aid their recoveryEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Abu Dhabi Festival, in association with Mubadala, has brought the popular 'Music in Hospitals' initiative to healthcare facilities across the UAE for the ...

 Mar 31 2015 - UAE's FCA launches customs statistics service on smart phonesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Federal Customs Authority yesterday launched a customs statistics service on its website and a smart phone application to respond to customers' enquiries on ...

 Mar 31 2015 - UAE remains dedicated to covering health needs of Syrian population affected by crisisEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE is dedicated to fulfilling the financial gap in the health sector of the Syrian refugee population in order to meet their basic humanitarian and health ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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