Kuwaiti Economy
Economy - overview: Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the uncertain political situation.
GDP (purchasing power parity): $284 billion (2014 est.)
GDP (official exchange rate): $172.4 billion (2014 est.)
GDP - real growth rate: 1.3% (2014 est.)
GDP - per capita (PPP): $71,000 (2014 est.)
GDP - composition by sector: agriculture: 0.3%
industry: 49.4%
services: 50.2% (2014 est.)
Labor force: 2.397 million
note: non-Kuwaitis represent about 60% of the labor force (2014 est.)
Labor force - by occupation: agriculture: NA%
industry: NA%
services: NA%
Unemployment rate: 2.1% (2014 est.)
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed): 31.4% of GDP (2009 est.)
Budget: revenues: $125 billion
expenditures: $79.45 billion (2014 est.)
Public debt: 6.8% of GDP (2014 est.)
Inflation rate (consumer prices): 2.9% (2014 est.)
Central bank discount rate: 1.25% (31 December 2010 est.)
Commercial bank prime lending rate: 5% (31 December 2014 est.)
Agriculture - products: fish
Industries: petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Industrial production growth rate: 0.5% (2014 est.)
Electricity - production: 54.01 billion kWh (2011 est.)
Electricity - consumption: 46.93 billion kWh (2011 est.)
Electricity - exports: 0 kWh (2013 est.)
Electricity - imports: 0 kWh (2013 est.)
Oil - production: 2.802 million bbl/day (2013 est.)
Oil - consumption: 325,000 bbl/day (2008 est.)
Oil - exports: 1.395 million bbl/day (2010 est.)
Oil - imports: 0 bbl/day (2010 est.)
Oil - proved reserves: 104 billion bbl (1 January 2014 est.)
Natural gas - production: 15.51 billion cu m (2012 est.)
Natural gas - consumption: 18.18 billion cu m (2012 est.)
Natural gas - exports: 0 cu m (2012 est.)
Natural gas - imports: 2.664 billion cu m (2012 est.)
Natural gas - proved reserves: 1.798 trillion cu m (1 January 2014 est.)
Current account balance: $60.92 billion (2014 est.)
Exports: $109.9 billion (2014 est.)
Exports - commodities: oil and refined products, fertilizers
Exports - partners: South Korea 16.7%, India 14.9%, Japan 12.3%, US 11.3%, China 9.9% (2014)
Imports: $26.06 billion (2014 est.)
Imports - commodities: food, construction materials, vehicles and parts, clothing
Imports - partners: US 12.7%, China 11.9%, Saudi Arabia 7.1%, South Korea 6.9%, Japan 6.6%, Germany 4.8%, India 4.2% (2014)
Reserves of foreign exchange and gold: $38.5 billion (31 December 2014 est.)
Debt - external: $33.1 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $12.68 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $95.6 billion (31 December 2014 est.)
Exchange rates: Kuwaiti dinars (KD) per US dollar - 0.2918 (2014 est.), 0.2824 (2013 est.), 0.28 (2012 est.), 0.276 (2011 est.), 0.2866 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team