Kuwaiti economy had great growth in 2006


It added that the Gross Domestic Product (GDP) of 2006 indicated that the annual growth increased by 5.5 percent compared to 5 percent in 2005.

There was in improvement in the internal and external equilibriums in 2006 and a demand on assets market in the three earlier years, it pointed out.

However, the stock market was weak and swinging, with its indicator having a great fall of 9939 points in February, it added.

The report said the great revival in the Kuwaiti economy was reflected in the monetary market, as money supply increased by 21.7 percent in 2006 compared to 2005.

It stressed that the Central Bank of Kuwait (CBK) succeeded in dealing with inflation and to keep the economic stability in 2006.

During the first three quarters of 2006, the foreign balance improved and the balance trade increased KD 8928.4 million, 58.5 percent more than that of the previous year.

It said the oil exports were the main reason for that increase, rising 30.4 percent in the first three quarters of 2006 and making 99.5 percent of the incomes of exports during that period, adding that the imports decreased by 13.2 percent during the same period.

Regarding the credit facilities provided by local banks to the private sector, the report noted that it increased by 26.3 percent in 2006 compared to 19.9 percent in 2005.

On the real-estate market, it said that it witnessed a great demand, as an average of 614 units were sold every month compared with 554 in 2005, increasing 11.4 percent.

The average total monthly value of sold real-estate unites equaled KD 135.6 million and the average of price of units was KD 251,000, it added.

It said most real-estate sales were in the investment and trade sector that increased by KD 39.5 percent, while sales of private housing rised by 7.2 percent.



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