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Kuwait:
Economy

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Kuwait Page


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


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