MEED magazine expects Kuwait to achieve a 3.8% growth in the gross domestic product during 2023, and take fourth place in the Gulf after Saudi Arabia whose GDP will grow 4.3%, the UAE and Qatar in the second and third places with 3.9% each, but the general basics for the Kuwaiti economy is strong, while project activity also continues to move, albeit at a slower pace than usual.
The country has projects worth $27.6 billion in the bidding stage, a figure nearly 10 times the value of contracts awarded during 2022, at $2.8 billion, which fell to well below the average of $5.6 billion for the previous five years, reports Al-Anba daily.
MEED indicated expectations that Kuwait, along with the United Arab Emirates, Qatar and Iraq, will maintain a double-digit current account surplus in 2023, in addition to a fiscal surplus, as the rest of the other Gulf Cooperation Council countries, namely the Sultanate of Oman, Bahrain and Iraq, which represents an energy source in the Gulf with good current account surpluses.
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