Kuwait:
Economy

Pages for other countries and territories

Other pages in this profile of Kuwait:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives. Despite its vast oil reserves, Kuwait experienced power outages during the summer months in 2006 and 2007 because demand exceeded power generating capacity. Power outages are likely to worsen, given its high population growth rates, unless the government can increase generating capacity. In May 2007 Kuwait changed its currency peg from the US dollar to a basket of currencies in order to curb inflation and to reduce its vulnerability to external shocks.
GDP (purchasing power parity)	Definition - World rank and map $130.1 billion (2007 est.)
GDP (official exchange rate)	Definition $111.3 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 4.6% (2007 est.)
GDP - per capita	Definition - World rank and map $39,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 0.3% industry: 51.5% services: 48.1% (2007 est.)
Labor force	Definition 2.093 million note: non-Kuwaitis represent about 80% of the labor force (2007 est.)
Labor force - by occupation	Definition agriculture: NA% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map 2.2% (2004 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 5% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.4% of GDP (2007 est.)
Budget	Definition revenues: $84.76 billion expenditures: $36.8 billion (2007 est.)
Public debt	Definition - World rank and map 7.8% of GDP (2007 est.)
Agriculture - products	Definition practically no crops; fish
Industries	Definition petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Industrial production growth rate	Definition - World rank and map 2.2% (2007 est.)
Electricity - production	Definition - World rank and map 41.11 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 36.28 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 13,971.1 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 2.669 million bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 333,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 128.2 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 2.2 million bbl/day (2004)
Oil - imports	Definition - World rank and map 2,611 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 101.5 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 11.8 billion cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 11.8 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 4,544 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 1.521 trillion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $52.73 billion (2007 est.)
Exports	Definition - World rank and map $61.43 billion f.o.b. (2007 est.)
Exports - commodities	Definition oil and refined products, fertilizers
Exports - partners	Definition Japan 19.5%, South Korea 17.4%, Taiwan 10.4%, Singapore 9.7%, US 8.2%, Netherlands 4.6%, China 4.6% (2006)
Imports	Definition - World rank and map $19.4 billion f.o.b. (2007 est.)
Imports - commodities	Definition food, construction materials, vehicles and parts, clothing
Imports - partners	Definition US 12.9%, Japan 8.7%, Germany 7.5%, China 7.1%, Saudi Arabia 6.4%, Italy 5.9%, UK 4.7%, India 4%, South Korea 4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $16.78 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $34.67 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $963 million (2007 est.)
Stock of direct foreign investment - abroad	Definition $19.88 billion (2007 est.)
Market value of publicly traded shares	Definition $128.9 billion (2006)
Economic aid - recipient	Definition $2.6 million (2004)
Currency (code)	Definition Kuwaiti dinar (KD)
Exchange rates	Definition Kuwaiti dinars per US dollar - 0.2844 (2007), 0.29 (2006), 0.292 (2005), 0.2947 (2004), 0.298 (2003)
Fiscal year	Definition 1 April - 31 March

Kuwait: Economy

Kuwait:
Economy