Kuwaiti Economy, Kuwait Economy
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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
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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