| Economy | Kuwait |
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Economy - overview:
|
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - about 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 2009 posted its eleventh consecutive budget surplus. Kuwait has done little to diversify and reform its economy, in part, because of this positive fiscal situation, but also because the acrimonious relationship between the National Assembly and the executive branch has stymied most movement on reforms. Nonetheless, the government in 2009 presented to the Assembly for the first time its economic development plan that pledges to spend up to $140 billion in five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. The effects of the global financial crisis on Kuwait's financial sector in late 2008 and early 2009 prompted the government to use its considerable resources to stabilize the economy. |
GDP (purchasing power parity):
|
$150.2 billion (2009 est.)
$151.3 billion (2008 est.)
$139.4 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$55,800 (2009 est.)
$58,200 (2008 est.)
$55,600 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$114.9 billion (2009 est.) |
GDP - real growth rate:
|
-0.7% (2009 est.)
8.5% (2008 est.)
4.7% (2007 est.) |
GDP - composition by sector:
|
agriculture: 0.3%
industry: 50.9%
services: 48.7% (2009 est.) |
Investment (gross fixed):
|
31.4% of GDP (2009 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
5.7% (2009 est.)
10.6% (2008 est.) |
Central bank discount rate:
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3.75% (31 December 2008)
6.25% (31 December 2007) |
Commercial bank prime lending rate:
|
7.61% (31 December 2008)
8.54% (31 December 2007) |
Stock of money:
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$15.31 billion (31 December 2008)
$15.12 billion (31 December 2007) |
Stock of money - per capita:
|
5,687 USD per capita |
Stock of quasi money:
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$63.08 billion (31 December 2008)
$55.2 billion (31 December 2007) |
Stock of quasi money - per capita:
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23,428 USD per capita |
Stock of domestic credit:
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$88.77 billion (31 December 2008)
$78.25 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
32,970 USD per capita |
Labor force:
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2.091 million
note: non-Kuwaitis represent about 60% of the labor force (2009 est.) |
Labor force participation rate:
|
77.66 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
2.2% (2004 est.) |
Budget:
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revenues: $70.23 billion
expenditures: $58.43 billion (2009 est.) |
Budget revenues per capita:
|
26,084 USD per capita |
Public debt:
|
8.2% of GDP (2009 est.)
7.6% of GDP (2008 est.) |
Industries:
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petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials |
Industrial production growth rate:
|
1.8% (2009 est.) |
Electricity - production:
|
45.83 billion kWh (2007 est.) |
Electricity - production per capita:
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17,022 kWh per capita |
Electricity - consumption:
|
40.21 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
14,934 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
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2.741 million bbl/day (2008 est.) |
Oil - production per capita:
|
1,018,004 bbl/day per capita |
Oil - consumption:
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325,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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44.06 bbl/year per capita |
Oil - exports:
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2.349 million bbl/day (2007 est.) |
Oil - imports:
|
0 bbl/day (2007 est.) |
Oil - proved reserves:
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104 billion bbl (1 January 2009 est.) |
Natural gas - production:
|
12.7 billion cu m (2008 est.) |
Natural gas - production per capita:
|
4,717 cu m per capita |
Natural gas - consumption:
|
12.7 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
4,717 cu m per capita |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
300 million cu m (2009 est.)
note: Kuwait signed a deal to import 2 billion cu m per year in 2010 and beyond |
Natural gas - proved reserves:
|
1.794 trillion cu m (1 January 2009 est.) |
Agriculture - products:
|
practically no crops; fish |
Current account balance:
|
$26.78 billion (2009 est.)
$64.78 billion (2008 est.) |
Current account balance - per capita:
|
9,947 USD per capita |
Exports:
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$49.52 billion (2009 est.)
$86.94 billion (2008 est.) |
Exports per capita:
|
18,392 USD per capita |
Exports - commodities:
|
oil and refined products, fertilizers |
Exports - partners:
|
Japan 18.4%, South Korea 14.6%, India 11.5%, US 8.9%, Singapore 7.9%, China 6.1% (2008) |
Imports:
|
$20.8 billion (2009 est.)
$22.94 billion (2008 est.) |
Imports per capita:
|
7,726 USD per capita |
Imports - commodities:
|
food, construction materials, vehicles and parts, clothing |
Imports - partners:
|
US 11.9%, Japan 9.2%, Germany 8.1%, China 7.6%, Saudi Arabia 7%, Italy 4.8%, UK 4.2% (2008) |
Reserves of foreign exchange and gold:
|
$14.22 billion (31 December 2009 est.)
$17.23 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
5,282 USD per capita |
Debt - external:
|
$33.49 billion (31 December 2009 est.)
$36.89 billion (31 December 2008 est.) |
Debt - external - per capita:
|
12,439 USD per capita |
Stock of direct foreign investment - at home:
|
$1.099 billion (31 December 2009 est.)
$1.22 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
409 USD per capita |
Stock of direct foreign investment - abroad:
|
$33.11 billion (31 December 2009 est.)
$25.68 billion (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
12,298 USD per capita |
Market value of publicly traded shares:
|
$107.2 billion (31 December 2008)
$188 billion (31 December 2007)
$128.9 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
39,814 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$2.6 million |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Kuwaiti dinar (KD) |
Exchange rates:
|
Kuwaiti dinars (KD) per US dollar - 0.283 (2009), 0.2679 (2008), 0.2844 (2007), 0.29 (2006), 0.292 (2005) |
Fiscal year:
|
1 April - 31 March |
|
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