Overview: Kuwait is a small and relatively open economy with proven crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production reached at least 2.0 million barrels per day by the end of 1993. The government ran a sizable fiscal deficit in 1993. Petroleum accounts for nearly half of GDP and 90% of export and government revenues.

National product: GDP - purchasing power equivalent - $25.7 billion (1993 est.)

National product real growth rate: 15% (1993 est.)

National product per capita: $15,100 (1993 est.)

Inflation rate (consumer prices): 3% (1993)

Unemployment rate: NEGL% (1992 est.)

Budget:
revenues: $9 billion
expenditures: $13 billion, including capital expenditures of $NA (FY93)

Exports: $10.5 billion (f.o.b., 1993 est.)
commodities: oil
partners: France 16%, Italy 15%, Japan 12%, UK 11%

Imports: $6 billion (f.o.b., 1993 est.)
commodities: food, construction materials, vehicles and parts, clothing
partners: US 35%, Japan 12%, UK 9%, Canada 9%

External debt: $7.2 billion (December 1989 est.)
note: external debt has grown substantially in 1991 and 1992 to pay for restoration of war damage

Industrial production: growth rate NA%; accounts for NA% of GDP

Electricity:
capacity: 6,873,000 kW available out of 7,398,000 kW due to Persian Gulf war
production: 12.264 billion kWh
consumption per capita: 8,890 kWh (1992)

Industries: petroleum, petrochemicals, desalination, food processing, building materials, salt, construction

Agriculture: practically none; dependent on imports for food; about 75% of potable water must be distilled or imported

Economic aid:
donor: pledged bilateral aid to less developed countries (1979-89), $18.3 billion

Currency: 1 Kuwaiti dinar (KD) = 1,000 fils
Exchange rates: Kuwaiti dinars (KD) per US$1 - 0.2982 (January 1994), 0.3017 (1993), 0.2934 (1992), 0.2843 (1991), 0.2915 (1990), 0.2937 (1989)

Fiscal year: 1 July - 30 June

NOTE: The information regarding Kuwait on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kuwait Economy 1995 information contained here. All suggestions for corrections of any errors about Kuwait Economy 1995 should be addressed to the CIA.