Kuwait Expects Growth From Lower Interest Rates

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Kuwait's non-oil GDP is expected to grow by 2.6% this year compared to 2024, according to estimates released by the National Bank of Kuwait (NBK) in a report published on Wednesday (15) and shared by state news agency Kuna .

The document says the non-oil sector's GDP contracted by 2.5% in the third quarter of 2024 compared to the same period in 2023, due to a downturn in key sectors of the Gulf country's economy.

Some of the reasons behind the financial institution's“optimistic” forecasts include the declining interest rate trajectory and the government's“efforts” to implement development projects. Additionally, the Arabian Gulf Cup football tournament, which concluded earlier this year in Kuwait, contributed to increased revenues due to the large number of foreign visitors it attracted to the country.

In general, the financial institution expects a gradual recovery of the economy due to increased consumption and the expansion of credit.

Read more:
Kuwait economy to resume growing in 2025

Translated by Guilherme Miranda

©Yasser Al-Zayyat/AFP

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