(MENAFN) Budget balance in Kuwait is projected to return back to a surplus of 2.2 percent of GDP this year due to a recovery in hydrocarbon revenue.
Accordingly, the nation's non-hydrocarbon growth is projected to accelerate to an average of 4.1 percent over 2017-2019 as the authorities implement an investment program to upgrade refineries.
Furthermore, oil prices are projected to recover as the market shifts from excess supply to excess demand this year, while prices will be capped by U.S. shale costs.
Currently, the government is in the midst of an investment drive aimed at boosting refining capacity as well developing infrastructure.
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