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Kuwait positively impacted by oil raise
- Kuwait: Sunday, January 06 - 2008 at 09:58
The Kuwaiti economy was positively affected by the latest hike in international oil prices in the last quarter of 2007, said report issued by the Kuwait Finance House, reported KUNA. It added that the positive impact was based on the fact that Kuwait held some 10 percent of world oil reserves and the Kuwaiti economy is deeply dependent on oil with 55 per cent of the Kuwaiti Gross Domestic Product coming from oil and oil derivatives. The report indicated that 95 percent of Kuwait's exports consisted of oil and its derivatives while 80 per cent of the Kuwaiti revenue comes from oil.
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Amena Bakr, Senior ReporterSunday, January 06 - 2008 at 09:58 UAE local time (GMT+4)
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