Share of GDP generated from oil rents in the GCC 2019, by country

As of 2019, over 42 percent of Kuwait's GDP was generated from oil rents. At the same time, 2.15 percent of Bahrain's GDP was generated by oil rents. The average share of GDP generated from oil rents in the Middle East and North African region was 17 percent.

Global oil production

The worldwide production of oil has been increasing steadily over the past few years. By the end of 2019, oil production had reached nearly 4.4 billion metric tons. Among the leading oil-producing countries, two Gulf Cooperation Council (GCC) countries, Saudi Arabia and Kuwait, had ranked third and tenth, respectively.

About Kuwait’s GDP

In Kuwait, the gross domestic product (GDP) from oil and gas extraction and services was forecasted to be approximately 18 billion Kuwaiti dinars in 2019. In the same year, it was also predicted that Kuwait's GDP growth would reach above four percent.