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Kuwait Economy: from the All Country Info reference guide to country facts

Kuwait Economy

Kuwait Economy: A summary of information about Kuwait Economy, from government research data as well as independent research and other sources.

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Kuwait: Economy

Economy - overview
Kuwait is a small, relatively open economy with
proved crude oil reserves of about 94 billion barrels - 10% of world
reserves. Petroleum accounts for nearly half of GDP, 90% of export
revenues, and 75% of government income. Kuwait lacks water and has
practically no arable land, thus preventing development of
agriculture. With the exception of fish, it depends almost wholly on
food imports. About 75% of potable water must be distilled or
imported. Higher oil prices reduced the budget deficit from $5.5
billion to $3 billion in 1999, and prices are expected to remain
relatively strong throughout 2000. The government is proceeding slowly
with reforms. It inaugurated Kuwait's first free-trade zone in 1999
and will continue discussions with foreign oil companies to develop
fields in the northern part of the country.
GDP
purchasing power parity - $44.8 billion (1999 est.)
GDP - real growth rate
1.1% (1999 est.)
GDP - per capita
purchasing power parity - $22,500 (1999 est.)
GDP - composition by sector
agriculture: 0%
industry: 55%
services: 45% (1996)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
2% (1999 est.)
Labor force
1.3 million (1998 est.)
note: 68% of the population in the 15-64 age group is non-national
(July 1998 est.)
Labor force - by occupation
government and social services 50%,
services 40%, industry and agriculture 10% (1996 est.)
Unemployment rate
1.8% (official 1996 est.)
Budget
revenues: $10 billion
expenditures: $13 billion, including capital expenditures of $NA (1999
est.)
Industries
petroleum, petrochemicals, desalination, food processing,
construction materials, salt, construction
Industrial production growth rate
1% (1997 est.)
Electricity - production
26.995 billion kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
25.105 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
practically no crops; fish
Exports
$13.5 billion (f.o.b., 1999 est.)
Exports - commodities
oil and refined products, fertilizers
Exports - partners
Japan 24%, India 16%, US 13%, South Korea 11%,
Singapore 8% (1997)
Imports
$8.1 billion (f.o.b., 1999 est.)
Imports - commodities
food, construction materials, vehicles and
parts, clothing
Imports - partners
US 22%, Japan 15%, UK 13%, Germany 8%, Italy 6%
(1997)
Debt - external
$9.27 billion (1998 est.)
Economic aid - recipient
$27.6 million (1995)
Currency
1 Kuwaiti dinar (KD) = 1,000 fils
Exchange rates
Kuwaiti dinars (KD) per US$1 - 0.3042 (January 2000),
0.3044 (1999), 0.3047 (1998), 0.3033 (1997), 0.2994 (1996), 0.2984
(1995)
Fiscal year
1 July - 30 June
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