Kuwait to see 4.7% GDP growth in 2011: report

09:51, June 01, 2011      

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Oil exporter Kuwait is expected to see a 4.7-percent growth in its Gross Domestic Product (GDP) this year, a report published by the National Bank of Kuwait said Tuesday.

The report said Kuwait is expected to get 4.5 billion dinar ( around 16 billion U.S. dollars) in budget surplus in the 2010-2011 fiscal year, the twelfth year in a row.

Budget surplus for the current fiscal year that started on April 1 was estimated at around 9 billion dinar (around 32 billion dollars).

That was largely attributed to the high oil prices as oil export is the backbone of the Gulf Arab emirate's economy, with 94 percent of its revenues coming from oil incomes.

Kuwait carried out last year a four-year state development plan as part of the emirate's efforts to diversify its oil-dependent economy, the first such initiative in more than 20 years.

The report said government spending on the infrastructure in the past fiscal year was 2.5 billion dinar (around 9 billion dollars).

Kuwait is the fourth largest oil exporter of the Organization of Petroleum Exporting Countries (OPEC).

Source: Xinhua
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