Kuwait's Economy | Kuwaiti Economy

Economy - overview: Kuwait is a small, rich, relatively open economy with proved 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.

GDP: 5.3% (2004)

GDP - real growth rate: 6.8% (2004 est.)

GDP - per capita: purchasing power parity - $21,300 (2004 est.)

GDP - composition by sector: agriculture: 0.4% industry: 60.5% services: 39.1% (2004 est.)

Population below poverty line: NA

Household income or consumption by percentage share: lowest 10%: NA highest 10%: NA

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 1.42 million note: non-Kuwaitis represent about 80% of the labor force (2004 est.)

Labor force - by occupation: agriculture NA, industries NA, services NA

Unemployment rate: 2.2% (2004 est.)

Budget: revenues: $35.82 billion expenditures: $19.53 billion, including capital expenditures of NA (2004 est.)

Industries: petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials

Industrial production growth rate: -5% (2002 est.)

Electricity - production: 32.43 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 30.16 billion kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 2.319 million bbl/day (2004 est.)

Oil - consumption: 293,000 bbl/day (2003 est.)

Oil - exports: 1.97 million bbl/day (2003)

Oil - imports: NA

Oil - proved reserves: 96.5 billion bbl (2004 est.)

Natural gas - production: 8.7 billion cu m (2002 est.)

Natural gas - consumption: 8.7 billion cu m (2002 est.)

Natural gas - exports: 0 cu m (2002 est.)

Natural gas - imports: 0 cu m (2002 est.)

Natural gas - proved reserves: 1.548 trillion cu m (2004)

Agriculture - products: practically no crops; fish

Exports: $27.42 billion f.o.b. (2004 est.)

Exports - commodities: oil and refined products, fertilizers

Exports - partners: Japan 20.5%, South Korea 13.7%, US 12.4%, Singapore 11.3%, Taiwan 9.9% (2004)

Imports: $11.12 billion f.o.b. (2004 est.)

Imports - commodities: food, construction materials, vehicles and parts, clothing

Imports - partners: US 12.9%, Germany 11.9%, Japan 7.9%, UK 5.5%, Saudi Arabia 5.5%, Italy 5%, France 4.5%, China 4.1% (2004)

Debt - external: $15.02 billion (2004 est.)

Economic aid - recipient: NA (2001)

Currency:

Currency code:

Exchange rates: Kuwaiti dinars per US dollar - 0.2947 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000)

Fiscal year: 1 April - 31 March



Links: Kuwait Travel Blogs (all) | Kuwait Travel Photos | Kuwait Travel Forum | Hotels in Kuwait | Hostels in Kuwait | Cheap flights to Kuwait | Kuwait Facts | Map of Kuwait