Kuwait GDP rose by 1.6 percent Last Year: World Bank

 

Media IN Kuwait, May 23rd 2019

 

Kuwait’s GDP rose by 1.6 percent in 2018 after dropping 3.5 percent the year before, the World Bank revealed on Wednesday.

 

The figures were mentioned by the Gulf cooperation council country Director, on the fringes of the world Bank’s bi-annual economies’ report announcement.

 

This is due to the rise of oil prices and the emergence of further job opportunities in the public sector.

 

The banking sector remains in a good position, he maintained, with capital adequacy ratios of 18.4 percent exceeding the 13 percent requested by the central Bank .

 

Limited inflation is at 0.6 percent due to a drop in housing costs, low food prices, and central Bank flexibility in tightening monetary policy at a pace slower than the US Federal Reserve.