Macro - Country Economic Forecasts - Kuwait

Macro - Country Economic Forecasts - Kuwait

We expect Kuwait to have a marginal budget deficit in 2023 of KWD282mn, or 0.5% of GDP, with oil prices averaging around US$92 per barrel. In FY22, Kuwait reported a KWD3bn fiscal deficit, despite oil prices averaging higher-than-budgeted breakeven oil prices. Expenditures increased to KWD21.6 billion, with bloated wages and salaries accounting for 76% of the total, while revenues came in at KWD18.6bn, with 87% of those from oil. Kuwait's parliament finally approved the FY23 budget. The state sees a small deficit and plans to use any surplus towards replenishing the General Reserve Fund (GRF).

Kuwait: government to post Modest FT23 deficit despite high oil prices
forecast overview
Recent developments
Key drivers of our Short-term forecast
Downside risks remain significant
Economic risk
Economic risk evaluation
Economic development
Structure of the economy
Balance of payments
Policy and Politics

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings