Kuwait Economy:
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 (purchasing power parity):
$48 billion (2004 est.)
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)
Labor force:
1.42 million (2004 est.)
note: Non-Kuwaitis represent about 80% of the labor force
Labor force — by occupation:
services: NA, agriculture: NA, industries: NA
Unemployment rate:
2.2% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
2.3% (2004 est.)
Investment (gross fixed):
8% of GDP (2004 est.)
Budget:
revenues: $35.82 billion (2004 est.)
expenditures: $19.53 billion including capital expenditures of NA (2004 est.)
Public debt:
29.6% of GDP (2004 est.)
Agriculture — products:
Practically no crops; fish
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 est.)
Electricity — consumption:
30.16 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
2.32 million bbl/day (2004 est.)
Oil — consumption:
293,000 bbl/day (2003 est.)
Oil — exports:
1.97 million bbl/day (2003 est.)
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:
1.55 trillion cu m (2004 est.)
Current account balance:
$12.04 billion (2004 est.)
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)
Reserves of foreign exchange and gold:
$7.33 billion (2004 est.)
Debt — external:
$15.02 billion (2004 est.)
Economic aid — recipient:
NA (2001 est.)
Currency:
Kuwaiti dinar (KD)
Exchange rates:
Kuwaiti dinars per US$: 0.29 (2004 est.), 0.3 (2003 est.), 0.3 (2002 est.), 0.31 (2001 est.), 0.31 (2000 est.)
Fiscal year:
1 April - 31 March
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