| Economy | Kuwait |
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Economy - overview:
|
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. |
GDP (purchasing power parity):
|
$149.8 billion (2011 est.)
$141.7 billion (2010 est.)
$137 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$40,700 (2011 est.)
$39,600 (2010 est.)
$39,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$171.1 billion (2011 est.) |
GDP - real growth rate:
|
5.7% (2011 est.)
3.4% (2010 est.)
-5.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 0.3%
industry: 48%
services: 51.8% (2011 est.) |
Investment (gross fixed):
|
11.4% of GDP (2011 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):
|
5.6% (2011 est.)
4% (2010 est.) |
Central bank discount rate:
|
1.25% (31 December 2010 est.)
3% (31 December 2009 est.) |
Commercial bank prime lending rate:
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5.5% (31 December 2011 est.)
2.9% (31 December 2010 est.) |
Stock of money:
|
$16.05 billion (31 December 2009)
$15.31 billion (31 December 2008) |
Stock of money - per capita:
|
6,184 USD per capita |
Stock of quasi money:
|
$71.79 billion (31 December 2009)
$63.08 billion (31 December 2008) |
Stock of quasi money - per capita:
|
27,659 USD per capita |
Stock of domestic credit:
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$105.5 billion (31 December 2011 est.)
$99.52 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
40,646 USD per capita |
Stock of narrow money:
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$23.12 billion (31 December 2011 est.)
$20.05 billion (31 December 2010 est.) |
Stock of broad money:
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$94.26 billion (31 December 2011 est.)
$91.35 billion (31 December 2010 est.) |
Labor force:
|
2.243 million
note: non-Kuwaitis represent about 60% of the labor force (2011 est.) |
Labor force participation rate:
|
86.41 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
2.2% (2004 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $98.23 billion
expenditures: $63.16 billion (2011 est.) |
Budget revenues per capita:
|
37,845 USD per capita |
Taxes and other revenues:
|
57.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
20.5% of GDP (2011 est.) |
Public debt:
|
6.8% of GDP (2011 est.)
9.6% of GDP (2010 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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NA% (2010 est.) |
Electricity - production:
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49.82 billion kWh (2009 est.) |
Electricity - production per capita:
|
19,194 kWh per capita |
Electricity - consumption:
|
42.58 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
16,405 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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2.45 million bbl/day (2010 est.) |
Oil - production per capita:
|
943,895 bbl/day per capita |
Oil - consumption:
|
354,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
49.78 bbl/year per capita |
Oil - exports:
|
2.127 million bbl/day (2009 est.) |
Oil - imports:
|
0 bbl/day (2009 est.) |
Oil - proved reserves:
|
104 billion bbl (1 January 2011 est.) |
Natural gas - production:
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11.49 billion cu m (2009 est.) |
Natural gas - production per capita:
|
4,427 cu m per capita |
Natural gas - consumption:
|
12.38 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
4,770 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
890 million cu m (2009 est.) |
Natural gas - proved reserves:
|
1.798 trillion cu m (1 January 2011 est.) |
Agriculture - products:
|
fish |
Current account balance:
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$61.72 billion (2011 est.)
$36.82 billion (2010 est.) |
Current account balance - per capita:
|
23,779 USD per capita |
Exports:
|
$94.47 billion (2011 est.)
$66.96 billion (2010 est.) |
Exports per capita:
|
36,396 USD per capita |
Exports - commodities:
|
oil and refined products, fertilizers |
Exports - partners:
|
Japan 15.5%, India 15.3%, South Korea 13.5%, China 10.1%, US 8.4% (2010) |
Imports:
|
$22.41 billion (2011 est.)
$19.06 billion (2010 est.) |
Imports per capita:
|
8,634 USD per capita |
Imports - commodities:
|
food, construction materials, vehicles and parts, clothing |
Imports - partners:
|
US 14.2%, China 9.5%, Saudi Arabia 7.3%, Japan 7.2%, Germany 6.1%, Italy 4.7%, India 4.4% (2010) |
Reserves of foreign exchange and gold:
|
$28.02 billion (31 December 2011 est.)
$21.36 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
10,796 USD per capita |
Debt - external:
|
$44.45 billion (31 December 2011 est.)
$45.43 billion (31 December 2010 est.) |
Debt - external - per capita:
|
17,125 USD per capita |
Stock of direct foreign investment - at home:
|
$3.028 billion (31 December 2011 est.)
$2.128 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,167 USD per capita |
Stock of direct foreign investment - abroad:
|
$39.06 billion (31 December 2011 est.)
$36.73 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
15,049 USD per capita |
Market value of publicly traded shares:
|
$119.6 billion (31 December 2010)
$95.94 billion (31 December 2009)
$107.2 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
46,078 USD per capita |
Currency (code):
|
Kuwaiti dinar (KD) |
Exchange rates:
|
Kuwaiti dinars (KD) per US dollar -
0.2858 (2011 est.)
0.2866 (2010 est.)
0.2877 (2009)
0.2679 (2008)
0.2844 (2007) |
Fiscal year:
|
1 April - 31 March |
|
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