The added value of Kuwait’s non-oil sector to the Gross Domestic Product (GDP) during the first three quarters of 2024, reached approximately 20.5 billion dinars, while the oil sector contributed about 16.3 billion dinars. As a result, the total GDP for the period from January to September 2024 amounted to around 36.9 billion dinars.
Figures from the Central Bureau of Statistics on GDP estimates for the first nine months of 2024, at both current and constant prices, revealed that the contribution of hotels and restaurants to the GDP rose to 291.4 million dinars.
Meanwhile, the wholesale and retail trade sector contributed approximately 1.5 billion dinars, and the construction and building sector added around 1.1 billion dinars to the GDP during the nine months.
GDP
In the third quarter of 2024, the value of Kuwait’s GDP at current prices amounted to 11.9 billion dinars, a decrease of 7.5% compared to 12.9 billion dinars in the third quarter of 2023.
The decline in GDP was primarily driven by a 15.6% decrease in the value added at current prices from the oil sector. This decline followed a drop in global oil prices, from $86.7 per barrel in the third quarter of 2023 to approximately $79.8 per barrel in the third quarter of 2024, coupled with a decrease in production quantities.
In contrast, the value added of the non-oil sector saw a slight growth of 0.1% at current prices in the third quarter of 2024, compared to the same quarter of 2023. It reached a value of 6.6 billion dinars.
Performing Activities
In terms of economic activities, oil and natural gas extraction, along with related services, had the largest share of GDP at current prices in the third quarter of 2024, contributing 44.4%. However, this contribution declined compared to the same quarter in the previous year, when it was 48.6%.
At constant prices, the contribution of oil and natural gas extraction activities and related services was 50.1% in the third quarter of 2024, compared to 50.8% in the corresponding quarter of the previous year. The decline was attributed to a decrease in crude oil production quantities.
The contribution of the manufacturing sector, including petroleum product refining activities, to GDP in the third quarter of 2024 was 8.1% at current prices and 7.7% at constant prices.
Regarding the activity of General Administration, Defense, and Social Security, its contribution rate was estimated at 12.6% in the third quarter of 2024. The added value at current prices amounted to 1.5 billion dinars, marking an increase of 2.4% compared to the same quarter in the previous year. At constant prices, the contribution rate of this activity was 14.1%, up from 13.9% in the corresponding quarter of 2023.
Financial Mediation
Financial intermediation activities contributed 9.5% at current prices and 9.0% at constant prices during Q3 2024. In comparison, the contribution in the corresponding quarter of 2023 was 8.4% at current prices and 8.9% at constant prices.
Service Sector
During the third quarter of 2023, the services sector, which includes vital activities such as education, health and social work, restaurants and hotels, real estate and rental activities, as well as community service activities, contributed 21.7% to the quarterly GDP at current prices and 19.3% at constant prices.
Source: Al Qabas
