unbekannter Gast

Kuwait: Economy#

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. 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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 historically 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, though much of these funds have yet to be allocated.

Economic Facts#

GDP (purchasing power parity)$165.8 billion (2013 est.)
$159.6 billion (2012 est.)
$144.8 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.3% (2013 est.)
8.3% (2012 est.)
10.2% (2011 est.)
GDP - per capita (PPP)$42,100 (2013 est.)
$41,800 (2012 est.)
$39,200 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 0.3%
industry: 50.6%
services: 49.1% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Exports - commoditiesoil and refined products, fertilizers
Exports - partnersSouth Korea 16.1%, India 15.7%, Japan 13.4%, US 11.7%, China 9.2%, Singapore 4.2% (2013 est.)
Agriculture - productsfish
Budgetrevenues: $114.1 billion
expenditures: $61.81 billion (2013 est.)
Imports - commoditiesfood, construction materials, vehicles and parts, clothing
Imports - partnersUS 11.8%, China 9.2%, Saudi Arabia 8.6%, Japan 8.2%, South Korea 6.9%, German 5.1%, India 4.6%, UAE 4.4% (2013 est.)
Exchange ratesKuwaiti dinars (KD) per US dollar -
0.2838 (2013 est.)
0.2799 (2012 est.)
0.2866 (2010 est.)
0.2877 (2009)
0.2679 (2008)
Exports$112 billion (2013 est.)
$121 billion (2012 est.)
Debt - external$34.41 billion (2013 est.)
$35.29 billion (2012 est.)
Fiscal year1 April - 31 March
Imports$24.42 billion (2013 est.)
$22.79 billion (2012 est.)
Industrial production growth rate4.1% (2013 est.)
Industriespetroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Inflation rate (consumer prices)2.8% (2013 est.)
2.9% (2012 est.)
Labor force2.38 million
note: non-Kuwaitis represent about 60% of the labor force (2013 est.)
Unemployment rate3.4% (2011 est.)
2.9% (2010)
Public debt6.4% of GDP (2013 est.)
6.3% of GDP (2012 est.)
Current account balance$69.13 billion (2013 est.)
$80.33 billion (2012 est.)
Reserves of foreign exchange and gold$34.35 billion (31 December 2013 est.)
$29 billion (31 December 2012 est.)
GDP (official exchange rate)$179.5 billion (2013 est.)
Stock of direct foreign investment - at home$5.677 billion (31 December 2013 est.)
$5.212 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$60.76 billion (31 December 2013 est.)
$52.59 billion (31 December 2012 est.)
Market value of publicly traded shares$97.09 billion (31 December 2012 est.)
$100.9 billion (31 December 2011)
$NA (31 December 2010 est.)
Central bank discount rate1.25% (31 December 2010 est.)
3% (31 December 2009 est.)
Commercial bank prime lending rate4.9% (31 December 2013 est.)
5% (31 December 2012 est.)
Stock of domestic credit$90.63 billion (31 December 2013 est.)
$89.13 billion (31 December 2012 est.)
Stock of narrow money$31.68 billion (31 December 2013 est.)
$27.55 billion (31 December 2012 est.)
Stock of broad money$110.1 billion (31 December 2013 est.)
$105.9 billion (31 December 2012 est.)
Taxes and other revenues63.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)29.2% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 23.9%
government consumption: 16.4%
investment in fixed capital: 16.2%
investment in inventories: 0%
exports of goods and services: 68.5%
imports of goods and services: -25.1%
(2013 est.)
Gross national saving54.8% of GDP (2013 est.)
58.9% of GDP (2012 est.)
58.2% of GDP (2011 est.)