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Kuwait Economy 1999
Economyoverview: Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels10% 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. The economy improved moderately in 1994-97, but in 1998 suffered from the large decline in world oil prices. The Kuwaiti cabinet approved a reform package in January 1999, including reducing subsidies and increasing taxes on large consumer goods. Nevertheless, Kuwait anticipates continuing budget deficits for the next few years. Kuwait is attracting foreign oil companies to develop fields in the northern part of the country. GDP: purchasing power parity$43.7 billion (1998 est.) GDPreal growth rate: -5% (1998 est.) GDPper capita: purchasing power parity$22,700 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 1% (1997 est.)
Labor force:
1.1 million (1996 est.)
Labor forceby occupation: government and social services 50%, services 40%, industry and agriculture 10% (1996 est.) Unemployment rate: 1.8% (official 1996 est.)
Budget:
Industries: petroleum, petrochemicals, desalination, food processing, construction materials, salt, construction Industrial production growth rate: 1% (1997 est.) Electricityproduction: 23 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 23 billion kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: practically no crops; fish Exports: $14.3 billion (f.o.b., 1997) Exportscommodities: oil and refined products, fertilizers Exportspartners: Japan 24%, India 16%, US 13%, South Korea 11%, Singapore 8% (1997) Imports: $7.8 billion (f.o.b., 1996) Importscommodities: food, construction materials, vehicles and parts, clothing Importspartners: US 22%, Japan 15%, UK 13%, Germany 8%, Italy 6% (1997) Debtexternal: $7.3 billion (1997 est.) Economic aidrecipient: $27.6 million (1995) Currency: 1 Kuwaiti dinar (KD) = 1,000 fils Exchange rates: Kuwaiti dinars (KD) per US$10.3018 (January 1999), 0.3047 (1998), 0.3033 (1997), 0.2994 (1996), 0.2984 (1995), 0.2976 (1994) Fiscal year: 1 July30 June
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