Kuwait flag

The Economy of Kuwait

Kuwaiti Economy

Kuwait's map

Economy - overview: Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the government did not push through new initiatives. The drop in oil prices in late 2008 will reduce Kuwait's fiscal surplus in 2009. The global financial crisis may slow the pace of investment and development projects, but Kuwait has vowed to use its considerable financial resources to stabilize the economy if necessary.

GDP:

GDP - real growth rate: 8.5% (2008 est.) 4.7% (2007 est.) 6.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 0.3% industry: 52.2% services: 47.5% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 2.225 million note: non-Kuwaitis represent about 80% of the labor force (2008 est.)

Labor force - by occupation: agriculture: NA% industry: NA% services: NA%

Unemployment rate: 2.2% (2004 est.)

Budget: revenues: $113.3 billion expenditures: $63.55 billion (2008 est.)

Industries: petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials

Industrial production growth rate: 8% (2008 est.)

Electricity - production: 44.75 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 39.54 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 2.613 million bbl/day (2007 est.)

Oil - consumption: 334,700 bbl/day (2006 est.)

Oil - exports: 2.356 million bbl/day (2005)

Oil - imports: 8,022 bbl/day (2005)

Oil - proved reserves: 104 billion bbl (1 January 2008 est.)

Natural gas - production: 12.5 billion cu m (2006 est.)

Natural gas - consumption: 12.5 billion cu m (2006 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 1.586 trillion cu m (1 January 2008 est.)

Agriculture - products: practically no crops; fish

Exports: $95.46 billion f.o.b. (2008 est.)

Exports - commodities: oil and refined products, fertilizers

Exports - partners: Japan 19.9%, South Korea 17%, Taiwan 11.2%, Singapore 9.9%, US 8.4%, Netherlands 4.8%, China 4.4% (2007)

Imports: $26.54 billion f.o.b. (2008 est.)

Imports - commodities: food, construction materials, vehicles and parts, clothing

Imports - partners: US 12.7%, Japan 8.5%, Germany 7.3%, China 6.8%, South Korea 6.6%, Saudi Arabia 6.2%, Italy 5.8%, UK 4.6% (2007)

Debt - external: $38.82 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Kuwaiti dinars (KD) per US dollar - 0.2679 (2008 est.), 0.2844 (2007), 0.29 (2006), 0.292 (2005), 0.2947 (2004)

Fiscal year: