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Kuwait Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Kuwait Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait�?"s Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much of these funds have yet to be allocated.

GDP (purchasing power parity):
$165.8 billion (2013 est.)
country comparison to the world: 61

$159.6 billion (2012 est.)
$144.8 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$179.5 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.3% (2013 est.)
country comparison to the world: 135

8.3% (2012 est.)
10.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$42,100 (2013 est.)
country comparison to the world: 24

$41,800 (2012 est.)
$39,200 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
54.8% of GDP (2013 est.)
country comparison to the world: 2

58.9% of GDP (2012 est.)
58.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 23.9%
government consumption: 16.4%
investment in fixed capital: 16.2%
investment in inventories: 0%
exports of goods and services: 68.5%
imports of goods and services: -25.1%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 0.3%
industry: 50.6%
services: 49.1% (2013 est.)

Agriculture - products:
fish

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

Industrial production growth rate:
4.1% (2013 est.)
country comparison to the world: 71
[see also: Industrial production growth rate country ranks ]

Labor force:
2.38 million
country comparison to the world: 114
note: non-Kuwaitis represent about 60% of the labor force (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
3.4% (2011 est.)
country comparison to the world: 27

2.9% (2010)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

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

Budget:
revenues: $114.1 billion
expenditures: $61.81 billion (2013 est.)

Taxes and other revenues:
63.6% of GDP (2013 est.)
country comparison to the world: 3
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
29.2% of GDP (2013 est.)
country comparison to the world: 1
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
6.4% of GDP (2013 est.)
country comparison to the world: 156

6.3% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
2.8% (2013 est.)
country comparison to the world: 104

2.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.25% (31 December 2010 est.)
country comparison to the world: 106

3% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.9% (31 December 2013 est.)
country comparison to the world: 153

5% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$31.68 billion (31 December 2013 est.)
country comparison to the world: 58

$27.55 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$110.1 billion (31 December 2013 est.)
country comparison to the world: 51

$105.9 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$90.63 billion (31 December 2013 est.)
country comparison to the world: 55

$89.13 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$97.09 billion (31 December 2012 est.)
country comparison to the world: 39

$100.9 billion (31 December 2011)
$NA (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$69.13 billion (2013 est.)
country comparison to the world: 5

$80.33 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$112 billion (2013 est.)
country comparison to the world: 36

$121 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
oil and refined products, fertilizers

Exports - partners:
South Korea 16.1%, India 15.7%, Japan 13.4%, US 11.7%, China 9.2%, Singapore 4.2% (2013 est.)

Imports:
$24.42 billion (2013 est.)
country comparison to the world: 74

$22.79 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 11.8%, China 9.2%, Saudi Arabia 8.6%, Japan 8.2%, South Korea 6.9%, German 5.1%, India 4.6%, UAE 4.4% (2013 est.)

Reserves of foreign exchange and gold:
$34.35 billion (31 December 2013 est.)
country comparison to the world: 49

$29 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$34.41 billion (2013 est.)
country comparison to the world: 69

$35.29 billion (2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$5.677 billion (31 December 2013 est.)
country comparison to the world: 89

$5.212 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$60.76 billion (31 December 2013 est.)
country comparison to the world: 36

$52.59 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kuwaiti dinars (KD) per US dollar -

0.2838 (2013 est.)
0.2799 (2012 est.)
0.2866 (2010 est.)
0.2877 (2009)
0.2679 (2008)


NOTE: 1) The information regarding Kuwait on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kuwait Economy 2015 information contained here. All suggestions for corrections of any errors about Kuwait Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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