The International Monetary Fund (IMF) noted that Kuwait’s economy is in a recovery phase, driven by increased oil production and strong growth in the non-oil sector.
According to the IMF, Kuwait’s economy contracted by 2.6 percent in 2024 due to oil production cuts in compliance with the “OPEC+” agreement, despite the non-oil sector growing by 1.8 percent. Real GDP, however, expanded by 1.0 percent year-on-year in the first quarter of 2025.
The IMF expects Kuwait’s real GDP to grow by 2.6 percent in 2025, supported by a 2.4 percent increase in oil production and 2.7 percent growth in the non-oil sector.
