| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Kuwait Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Kuwait Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.

GDP (purchasing power parity):
$302.5 billion (2017 est.) $308.9 billion (2016 est.) $301.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 57

GDP (official exchange rate):
$118.3 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.1% (2017 est.) 2.5% (2016 est.) 2.1% (2015 est.)
country comparison to the world: 212
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$69,700 (2017 est.) $73,100 (2016 est.) $73,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 13

Gross national saving:
24.1% of GDP (2017 est.) 25.1% of GDP (2016 est.) 30.8% of GDP (2015 est.)
country comparison to the world: 59
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 43%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 58.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fish

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

Industrial production growth rate:
-1.5% (2017 est.)
country comparison to the world: 192
[see also: Industrial production growth rate country ranks ]

Labor force:
2.695 million
note: non-Kuwaitis represent about 60% of the labor force (2017 est.)
country comparison to the world: 113
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA%
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.1% (2017 est.) 2.1% (2016 est.)
country comparison to the world: 16
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $52.87 billion
[see also: Budget - revenues country ranks ]
expenditures: $61.39 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
44.7% of GDP (2017 est.)
country comparison to the world: 24
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.2% of GDP (2017 est.)
country comparison to the world: 192
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.2% of GDP (2017 est.) 17.3% of GDP (2016 est.)
country comparison to the world: 174
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
2.5% (2017 est.) 3.5% (2016 est.)
country comparison to the world: 115
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2016) 1.25% (31 December 2010)
country comparison to the world: 111
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.2% (31 December 2017 est.) 4.5% (31 December 2016 est.)
country comparison to the world: 143
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.35 billion (31 December 2017 est.) $31.87 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$121.5 billion (31 December 2017 est.) $116.9 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$102.2 billion (31 December 2017 est.) $98.92 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$81.78 billion (31 December 2016 est.) $83.13 billion (31 December 2015 est.) $99.77 billion (31 December 2014 est.)
country comparison to the world: 44
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$714 million (2017 est.) -$4.997 billion (2016 est.)
country comparison to the world: 115
[see also: Current account balance country ranks ]

Exports:
$54.09 billion (2017 est.) $46.26 billion (2016 est.)
country comparison to the world: 50
[see also: Exports country ranks ]

Exports - commodities:
oil and refined products, fertilizers

Exports - partners:
South Korea 16.8%, China 14.4%, Japan 9.6%, India 9.2%, US 7.5%, Singapore 5.6% (2016)

Imports:
$29.36 billion (2017 est.) $30.82 billion (2016 est.)
country comparison to the world: 64
[see also: Imports country ranks ]

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

Imports - partners:
China 14.1%, US 11.9%, UAE 8.3%, Japan 6.5%, Germany 6.2%, India 5.4%, Italy 5%, Saudi Arabia 4.4%, South Korea 4.4% (2016)

Reserves of foreign exchange and gold:
$33.13 billion (31 December 2017 est.) $31.13 billion (31 December 2016 est.)
country comparison to the world: 49
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$48.91 billion (31 December 2017 est.) $38.34 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$13.07 billion (31 December 2017 est.) $12.62 billion (31 December 2016 est.)
country comparison to the world: 93
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$79.62 billion (31 December 2017 est.) $74.13 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kuwaiti dinars (KD) per US dollar - 0.3041 (2017 est.) 0.3022 (2016 est.) 0.3022 (2016 est.) 0.3009 (2014 est.) 0.2845 (2013 est.)


NOTE: 1) The information regarding Kuwait on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kuwait Economy 2018 information contained here. All suggestions for corrections of any errors about Kuwait Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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






This page was last modified 28-Feb-18
Copyright © 1995- , ITA all rights reserved.

    . Feedback