Kuwait’s gross domestic product lost nearly 5.36 billion Kuwaiti dinars ($17.69 billion) in the first nine months of 2023 due to a decline in oil prices, according to official data.

The OPEC member’s GPD in current prices dipped by nearly 12.6 percent to KWD37.17 billion ($122.66 billion) in the first nine months of 2023 from around KWD42.53 billion ($140.35 billion) in the same period of 2022, the Central Statistics Department said in a report published on Sunday.

“The decline in GDP in current prices in the first three quarters last year was mainly due to a drop in oil prices compared with the same period of 2022,” the report said.

The report showed the oil sector plunged by around 23.3 percent to KWD18.33 billion ($60.48 billion) while the non-oil sector edged up by 1.2 percent to KWD18.84 billion ($62.17 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)


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