| 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 - 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 (purchasing power parity):
|
$149.1 billion (2008 est.)
$137.4 billion (2007)
$131.2 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$57,400 (2008 est.)
$54,800 (2007 est.)
$54,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$159.7 billion (2008 est.) |
GDP - real growth rate:
|
8.5% (2008 est.)
4.7% (2007 est.)
6.3% (2006 est.) |
GDP - composition by sector:
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agriculture: 0.3%
industry: 52.2%
services: 47.5% (2008 est.) |
Investment (gross fixed):
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18.4% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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11.7% (2008 est.) |
Central bank discount rate:
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6.25% (31 December 2007) |
Commercial bank prime lending rate:
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8.54% (31 December 2007) |
Stock of money:
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$15.12 billion (31 December 2007) |
Stock of money - per capita:
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5,619 USD per capita |
Stock of quasi money:
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$55.2 billion (31 December 2007) |
Stock of quasi money - per capita:
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20,512 USD per capita |
Stock of domestic credit:
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$78.25 billion (31 December 2007) |
Stock of domestic credit - per capita:
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29,077 USD per capita |
Labor force:
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2.225 million
note: non-Kuwaitis represent about 80% of the labor force (2008 est.) |
Labor force participation rate:
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82.68 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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2.2% (2004 est.) |
Budget:
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revenues: $113.3 billion
expenditures: $63.55 billion (2008 est.) |
Budget revenues per capita:
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42,101 USD per capita |
Public debt:
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7.2% 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:
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8% (2008 est.) |
Electricity - production:
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44.75 billion kWh (2006 est.) |
Electricity - production per capita:
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16,629 kWh per capita |
Electricity - consumption:
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39.54 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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14,693 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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2.613 million bbl/day (2007 est.) |
Oil - production per capita:
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970,958 bbl/day per capita |
Oil - consumption:
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334,700 bbl/day (2006 est.) |
Oil - consumption - per capita:
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45.40 bbl/year per capita |
Oil - exports:
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2.356 million bbl/day (2005) |
Oil - imports:
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8,022 bbl/day (2005) |
Oil - proved reserves:
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104 billion bbl (1 January 2008 est.) |
Natural gas - production:
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12.5 billion cu m (2006 est.) |
Natural gas - production per capita:
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4,645 cu m per capita |
Natural gas - consumption:
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12.5 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
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4,645 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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1.586 trillion cu m (1 January 2008 est.) |
Agriculture - products:
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practically no crops; fish |
Current account balance:
|
$65.21 billion (2008 est.) |
Current account balance - per capita:
|
24,232 USD per capita |
Exports:
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$95.46 billion f.o.b. (2008 est.) |
Exports per capita:
|
35,472 USD per capita |
Exports - commodities:
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oil and refined products, fertilizers |
Exports - partners:
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Japan 19.9%, South Korea 17%, Taiwan 11.2%, Singapore 9.9%, US 8.4%, Netherlands 4.8%, China 4.4% (2007) |
Imports:
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$26.54 billion f.o.b. (2008 est.) |
Imports per capita:
|
9,862 USD per capita |
Imports - commodities:
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food, construction materials, vehicles and parts, clothing |
Imports - partners:
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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) |
Reserves of foreign exchange and gold:
|
$10.64 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,954 USD per capita |
Debt - external:
|
$38.82 billion (31 December 2008 est.) |
Debt - external - per capita:
|
14,426 USD per capita |
Stock of direct foreign investment - at home:
|
$1.22 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
454 USD per capita |
Stock of direct foreign investment - abroad:
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$28.29 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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10,513 USD per capita |
Market value of publicly traded shares:
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$188 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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69,859 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$2.6 million (2004) |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Kuwaiti dinar (KD) |
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:
|
1 April - 31 March |
|
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