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Thu 22 Mar 2012 12:13 PM

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Kuwait says GDP will grow 5.4 percent this year

Gulf state says high oil prices will drive growth, but production has hit limit

Kuwait says GDP will grow 5.4 percent this year
(Bloomberg Images)

Kuwait’s GDP could grow as much as 5.4 percent for the fiscal year ending March 31, the oil-rich Gulf state has claimed.

Such growth would be driven by higher oil prices, the Kuwait state news agency KUNA reported, citing a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy.

Kuwait is currently the fourth-largest oil exporter in the world, with its 5m population consuming only 10 percent of its oil domestically.

The country is now said to be pushing its production capacity to the limit.

By 2020, Kuwait hopes to have production capacity of 4m barrels per day and has announced a series of ambitious projects to make this happen.

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