Countryguidebook 
Poland, Torun
KUWAIT
COUNTRIES A-Z
Kuwait Economy
Country Name: State of Kuwait
Capital City: Kuwait
Population: 2,505,559 (2007 est.)
Population Growth: 3.561% (2007 est)
Currency: Kuwaiti dinar (KD)
Languages: Arabic (official)
Area: 17,820 sq km
Inflation Rate: 3% (2006 est.)
Unemployment Rate: 2.2% (2004)
Domain extension: .kw
ECONOMIC DETAILS OF KUWAIT
ECONOMY OVERVIEW
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait's climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. 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.
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait's climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. 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.
GDP - purchasing power parity:
$55.91 billion (2006 est.)
GDP - real growth rate:
12.6% (2006 est.)
GDP - per capita:
$23,100 (2006 est.)
GDP - by sector (agriculture):
agriculture: 0.4%
GDP - by sector (industry):
industry: 48.3%
GDP - by sector (services):
services: 51.3% (2006 est.)
Export Partners:
Japan 20.2%, South Korea 16%, Taiwan 11.5%, Singapore 9.6%, US 8.9%, Netherlands 5.1%, China 4.1% (2006)
Import Partners:
US 14.1%, Japan 7.8%, Germany 7.7%, Saudi Arabia 6.8%, China 5.7%, UK 5.4%, Italy 4.6% (2006)
Export Commodities:
oil and refined products, fertilizers
Import Commodities:
food, construction materials, vehicles and parts, clothing
Exports Volume:
$56.06 billion f.o.b. (2006 est.)
Imports Volume:
$19.12 billion f.o.b. (2006 est.)
Labour Force:
1.136 million
Unemployment Rate:
2.2% (2004 est.)
Population below poverty line:
NA%
Inflation Rate:
3% (2006 est.)
Investment (gross fixed):
26.4% of GDP (2006 est.)
Public Debt:
8.1% of GDP (2006 est.)
Agriculture Products:
practically no crops; fish
Industries:
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Industrial Production Growth Rate:
13.1% (2005 est.)
Electricity - production:
40.37 billion kWh (2004)
Electricity - consumption:
37.54 billion kWh (2004)
Electricity - exports:
0 kWh (2004)
Electricity - imports:
0 kWh (2004)
Oil - production:
2.418 million bbl/day (2005 est.)
Oil - consumption:
335,000 bbl/day (2004 est.)
Oil - exports:
1.97 million bbl/day (2003)
Oil - imports:
NA bbl/day
Natural gas - production:
9.7 billion cu m (2004 est.)
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
$40.75 billion (2006 est.)
Currency Code:
Kuwaiti dinar (KD)