Preliminary results for 2004 indicated another year of exuberant growth for Kuwaiti economy primarily backed by high oil prices and increased oil production levels.
Nominal GDP increased to KD16.4bn in 2004 as compared to KD13.8bn in 2003, a surge of 19.3%. At the same time, real GDP is estimated to have grown by 8.52% to KD10.4bn. The large difference between the nominal and real growth rates signifies the effect of liquidity on the economy. However, real GDP growth is still one of the highest in the world. This is the second consecutive year of oil price-led high growth in the country, as in the case of other GCC countries.