KUWAIT CITY, 23 May 2004 — Kuwait’s gross domestic product (GDP) recorded nominal growth of 16.4 percent to 12.44 billion dinars (about $42 billion) in 2003 over the previous year, an independent economic think-tank said yesterday.
Per capita income also rose 10.7 percent last year to 5,008 dinars ($16,976) over 2002 figures of $15,335 and $15,786 in 2001, Al-Shall Economic Consultants said.
Based on official statistics, oil and gas contributed $19.64 billion, or 46.6 percent of total GDP, an increase of 31.5 percent over 2002 share of $14.93 billion.
The share of non-oil sectors in 2003 hit $22.53 billion or 53.4 percent of GDP, rising 5.8 percent over the previous year’s $21.3 billion, the Al-Shall report added.
The oil sector’s contribution to GDP rose from 41.2 percent in 2002 to 46.6 percent last year, while the non-oil sector’s share dropped from 58.8 percent to 53.4 percent, respectively.
The largest non-oil contribution to GDP came from social and personal services with $9.1 billion or 21.6 percent, followed by financial, real estate and business services with $4.9 billion or 11.6 percent. Wholesale and retail trade, restaurants and hotels contributed $2.7 billion or 6.4 percent of GDP, the report said.
Total national spending in 2003 reached $31.84 billion, or 75.5 percent of GDP, compared to 82.2 percent and 75.1 percent in 2002 and 2001, respectively. Net savings rose by 56.7 percent in 2003 to $9.67 billion over 2002 savings of $6.17 billion.
