Economy Of Kuwait
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Economy overview
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Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 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.
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GDP
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purchasing power parity - $41.46 billion (2004 est.)
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GDP - real growth rate
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4.6% (2004 est.)
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GDP - per capita
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purchasing power parity - $19,000 (2004 est.)
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GDP - composition by sector
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agriculture: 0.4%
industry: 59.5%
services: 40% (2004 est.)
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Investment gross fixed
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8% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1.2% (2004 est.)
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Labor force
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1.38 million
note: non-Kuwaitis represent about 80% of the labor force. (2004 est.)
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Labor force by occupation
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agriculture NA, industries NA, services NA
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Unemployment rate
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2.1% (2004 est.)
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Budget
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revenues: $29.41 billion
expenditures: $17.57 billion, including capital expenditures of NA (2004 est.)
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Public debt
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29.5% of GDP (2004 est.)
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Agriculture products
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practically no crops; fish
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Industries
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petroleum, petrochemicals, desalination, food processing, construction materials
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Industrial production growth rate
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-5% (2002 est.)
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Electricity production
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31.49 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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29.29 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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2.27 million bbl/day (2004 est.)
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Oil consumption
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293,000 bbl/day (2003 est.)
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Oil exports
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1.97 million bbl/day (2003)
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Oil imports
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NA (2003)
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Oil proved reserves
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97.68 billion bbl (2004)
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Natural gas production
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8.7 billion cu m (2002 est.)
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Natural gas consumption
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8.7 billion cu m (2002 est.)
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Natural gas exports
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0 cu m (2002 est.)
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Natural gas imports
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0 cu m (2002 est.)
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Natural gas proved reserves
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1.548 trillion cu m (2004)
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Current account balance
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$8.652 billion (2004 est.)
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Exports
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$22.29 billion f.o.b. (2004 est.)
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Exports commodities
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oil and refined products, fertilizers
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Exports partners
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Japan 21.3%, South Korea 14.9%, US 11.5%, Singapore 9.8%, Taiwan 9.3% (2003)
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Imports
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$9.606 billion f.o.b. (2003 est.)
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Imports commodities
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food, construction materials, vehicles and parts, clothing
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Imports partners
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US 14.7%, Japan 10.3%, Germany 9.6%, China 6.6%, UK 6.1%, Saudi Arabia 5.5%, Italy 5%, France 4.2% (2003)
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Reserves of foreign exchange gold
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$7.685 billion (2004 est.)
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Debt external
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$12.18 billion (2004 est.)
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Economic aid recipient
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NA (2001)
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Currency
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Kuwaiti dinar (KD)
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Currency code
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KWD
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Exchange rates
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Kuwaiti dinars per US dollar - 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000), 0.3044 (1999)
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Fiscal year
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1 April - 31 March
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Applied Language Solutions offer English to Arabic Translation .
This information was reproduced in part from the CIA World Fact book.
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