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 (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 - per capita (PPP):
$57,400 (2008 est.)
$54,800 (2007 est.)
$54,300 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 0.3%
industry: 52.2%
services: 47.5% (2008 est.)
Labor force:
2.225 million
note: non-Kuwaitis represent about 80% of the labor force (2008 est.)
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
2.2% (2004 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed):
18.4% of GDP (2008 est.)
Budget:
revenues: $113.3 billion
expenditures: $63.55 billion (2008 est.)
Public debt:
7.2% of GDP (2008 est.)
Inflation rate (consumer prices):
11.7% (2008 est.)
Central bank discount rate:
6.25% (31 December 2007)
Commercial bank prime lending rate:
8.54% (31 December 2007)
Stock of money:
$15.12 billion (31 December 2007)
Stock of quasi money:
$55.2 billion (31 December 2007)
Stock of domestic credit:
$78.25 billion (31 December 2007)
Market value of publicly traded shares:
$188 billion (31 December 2007)
Agriculture - products:
practically no crops; fish
Industries:
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Industrial production growth rate:
8% (2008 est.)
Electricity - production:
44.75 billion kWh (2006 est.)
Electricity - consumption:
39.54 billion kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
2.613 million bbl/day (2007 est.)
Oil - consumption:
334,700 bbl/day (2006 est.)
Oil - exports:
2.356 million bbl/day (2005)
Oil - imports:
8,022 bbl/day (2005)
Oil - proved reserves:
104 billion bbl (1 January 2008 est.)
Natural gas - production:
12.5 billion cu m (2006 est.)
Natural gas - consumption:
12.5 billion cu m (2006 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
1.586 trillion cu m (1 January 2008 est.)
Current account balance:
$65.21 billion (2008 est.)
Exports:
$95.46 billion f.o.b. (2008 est.)
Exports - commodities:
oil and refined products, fertilizers
Exports - partners:
Japan 19.9%, South Korea 17%, Taiwan 11.2%, Singapore 9.9%, US 8.4%, Netherlands 4.8%, China 4.4% (2007)
Imports:
$26.54 billion f.o.b. (2008 est.)
Imports - commodities:
food, construction materials, vehicles and parts, clothing
Imports - partners:
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.)
Debt - external:
$38.82 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$1.22 billion (2008 est.)
Stock of direct foreign investment - abroad:
$28.29 billion (2008 est.)
Exchange rates:
Kuwaiti dinars (KD) per US dollar - 0.2679 (2008 est.), 0.2844 (2007), 0.29 (2006), 0.292 (2005), 0.2947 (2004)
