By Andy Sambidge
Business Monitor Int'l report says Gulf state saw 2.2% contraction in 2009.
Kuwait's economy contracted by 2.2 percent in 2009 but is forecast to grow on average by 1.8 percent per year to 2013, Business Monitor International has said.
The economic prediction is contained in its latest report on the Gulf state's power sector, in which it also said Kuwait's population was expected to expand from 3.31m to 3.40m over the period, with GDP per capita forecast to rise by 6 percent and power consumption per capita expected to increase by 11 percent.
The country’s power consumption is expected to increase from an estimated 45.3TWh in 2008 to 51.9TWh by the end of the forecast period.
"At times of peak demand, [Kuwait] will struggle to provide adequate supply without imports – assuming 4.9 percent annual growth in electricity generation," the report said.
Over the next decade, BMI said it was forecasting an increase in Kuwaiti electricity generation of 63.5 percent, which would be among the highest in the Middle East and Africa region.
The report from BMI forecast that by 2013 the country would account for 4.21 percent of Middle East and Africa power generation, rising from 1,200 terawatt hours (TWh) in 2008 to 1,561TWh by 2013 - a 30 percent increase.
BMI said that in 2008 oil was the dominant fuel, accounting for 57 percent of primary energy demand (PED), followed by gas at 43 percent.