National Bank of Kuwait (NBK) expects the contraction in the country's real GDP to worsen to 2.3 percent in 2024 after a contraction of 1.8 percent last year.
In the bank's report on the performance of the Kuwaiti economy in the first quarter of this year, the economic data remained relatively weak during the period, an extension of last year's weak performance, as both real estate sales and project activities fell while credit growth reached multi-year lows. The bank forecast oil GDP would contract 6.9 percent after falling 4.3 percent last year, but non-oil activity growth will accelerate to 2.5 percent in 2024 from 1 percent in 2023.
Source (Al-Arabiya.net Website, Edited)
