Kuwait’s GDP rises to 12.572 billion in Q1 2025, driven by non-oil growth
Non-Oil sector grows 4.3%, outpaces oil amid price drop; Oil contribution to GDP falls to 41.4% as prices hit 4-year low; Finance, real estate, and public services key growth drivers
Kuwait’s gross domestic product (GDP) increased by 1.1% in the first quarter of 2025, reaching 12.572 billion dinars, up from 12.436 billion dinars in the same period of 2024.
The increase, valued at 136.47 million dinars, was mainly driven by growth in non-oil economic activity, which offset the impact of sharply falling oil prices that dropped to $60 per barrel, the lowest in four years.
According to data based on current prices, non-oil GDP rose by 4.32%, reaching 7.366 billion dinars, an increase of 305.12 million dinars compared to the previous year.
Meanwhile, oil GDP declined by 3.13% to 5.206 billion dinars. As a result, the non-oil sector’s contribution to GDP rose to 58.6%, up from 56.8% a year earlier, while the oil sector’s share declined to 41.4%, down from 43.2%.
The following are the sectoral contributions at current prices
- Oil & Natural Gas Extraction: 5.206 billion dinars (41.4%)
- Public Administration, Defense, Social Security: 1.572 billion dinars (12.5%)
- Financial Intermediation & Insurance: 1.176 billion dinars (9.36%)
- Real Estate & Commercial Projects: 1.08 billion dinars each (8.6%)
- Manufacturing: 969.2 million dinars (7.7%)
- Wholesale & Retail Trade: 552 million dinars (4.4%)
- Health & Social Work: 511 million dinars (4.06%)
- Communications: 441 million dinars (3.51%)
- Community Services, Utilities, Hotels: Combined share under 5%
GDP at Constant Prices
At constant prices, GDP grew by 2.56%, reaching 10.33 billion dinars, compared to 10.237 billion in Q1 2024. The non-oil sector rose by 2.03% to 5.583 billion dinars, while the oil sector slightly contracted by 0.3% to 4.751 dinars billion.
Thus, the non-oil sector’s share at constant prices rose to 54%, and the oil sector’s share fell to 46%.
Sectoral Contributions at Constant Prices:
- Oil & Natural Gas Extraction: 4.751 billion dinars (37.8%)
- Public Administration & Defense: 1.457 billion dinars (11.6%)
- Financial Services: 921.5 million dinars (7.33%)
- Manufacturing: 799.4 million dinars (6.4%)
- Real Estate & Commercial Activities: 766.2 million dinars (6.1%)
- Education: 544.6 million dinars (4.33%)
- Utilities: 284.7 million dinars (2.26%)
- Retail & Trade: 378.1 million dinars (3.01%)
- Communications: 360.6 million dinars (2.87%)
- Health & Social Work: 343.5 million dinars (2.73%)
Community Services: 222.4 million dinars (1.77%)
