Official data issued by the Central Bureau of Statistics revealed a decline in gross domestic product at current prices for Kuwait to 23.5 billion dinars by the end of the first 9 months of 2020, down by 23% With a value of 7 billion dinars, compared to its value during the same period of 2019 at 30.4 billion dinars, in conjunction with the spread of the Coronavirus pandemic and the almost complete halt of economic activities during the first half of last year, and their gradual return during the third quarter of the year. / p>
The data, reviewed by the news, show that the gross domestic product reached its lowest level during the second quarter of last year at 6.28 billion dinars, in conjunction with the state of economic closure The global and local levels imposed during the second quarter to confront the spread of the Coronavirus pandemic, and with the gradual return of economic activity to work during the third quarter of last year, the gross domestic product of Kuwait witnessed a relatively increase, reaching by the end of the quarter about 7.9 billion dinars.
The contribution of the oil sector to the gross domestic product of Kuwait during the first 9 months of 2020 amounted to about 8 billion dinars, a decrease of 41.6% and a value of 5.7 billion dinars, compared to the value of Its contribution during the same period in 2019 amounting to 13.7 billion dinars, while the percentage of the non-oil sector’s contribution to the GDP was 15.5 billion dinars, a decrease of 7% and a value of 1.2 billion dinars, compared to its contribution during the same period in 2019 of 16.7 billion dinars.
In terms of Kuwait's GDP figures for the third quarter of 2020, the oil sector’s contribution to GDP also decreased during the third quarter by 53.2% to 51.2% compared to The third quarter of 2019, as a result of the global decline in oil prices during that period, while the contribution of the manufacturing industries sector to the GDP reached 6.4% for the coal and coke industry, and 5.8% for the refined petroleum products industry.
With regard to wholesale trade, the contribution of the wholesale and retail trade sector to GDP decreased during the third quarter of 2020 by 1.2% compared to the same period in 2019, to reach a percentage of The contribution of this sector is 4% of the GDP, with a value of 343.5 million dinars.
It is estimated that the value added from the financial intermediation activity during the third quarter of 2020 compared to the same period in 2019 was relatively stable, with the contribution of this sector amounting to 800 million dinars. , Down by 1% from the same period of the previous year, bringing its contribution to the GDP to 12.6% at current prices.
