Kuwait’s real GDP in 2013 is projected to grow by 0.8%, down from 6.2% in 2012 as a result of a fall in oil production, the IMF says in its recently-published Article IV consultation. But non-oil GDP growth has fared well with a projected rise of 3% in 2013. The forecast for overall average consumer price inflation is 3% in 2013. Fiscal and external surpluses are projected at 27% and 39% of GDP respectively in 2013, reflecting high oil prices, the IMF says.
Looking ahead the IMF expects an improvement in the economic outlook in 2014 and over the medium term, with non-oil growth expected to increase to 4.4%, supported by public capital spending which will drive average inflation to 3.5%. A constant level of oil production would keep total real GDP growth below 3%. At the same time, fiscal and current account surpluses are expected to remain large in 2014. (CONTINUED - 334 WORDS)
