Kuwait's nominal Gross Domestic Product (GDP) amounted to KD12.7 billion (some US$ 43 billion) in 2003, up by 18.3 percent compared to the previous year's, an unofficial report by the Kuwait-based Global Investment House (GLOBAL) has indicated.
According to KUNA, the report estimated the GDP value based on current oil prices, and cited the lack of government-released data about the GDP figures.
"Oil exports, the main driver of the economy, saw a dual increase in both production and prices...Kuwait Export Crude (KEC) prices averaged USD 26.9 a barrel during 2003, compared to USD 23.6 a barrel in 2002," the report said. (menareport.com)
© 2004 Mena Report (www.menareport.com)
