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Kuwait Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Kuwait Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

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.

With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; 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):
$289.7 billion (2017 est.)
$299.7 billion (2016 est.)
$293.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$120.7 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3.3% (2017 est.)
2.2% (2016 est.)
-1% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 214
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$65,800 (2017 est.)
$69,900 (2016 est.)
$69,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
35.4% of GDP (2017 est.)
32.9% of GDP (2016 est.)
37.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 43.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 49.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47% (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% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 58.7% (2017 est.)
[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:
2.8% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 109
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
2.695 million (2017 est.)
note: non-Kuwaitis represent about 60% of the labor force
country comparison to the world (CIA rank, may be based on non-current data): 112
[see also: Labor force country ranks ]
[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:
1.1% (2017 est.)
1.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 11
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 50.5 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 62.6 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
41.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-10% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 210
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
20.6% of GDP (2017 est.)
9.9% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 188
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.5% (2017 est.)
3.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 83
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.75% (18 December 2017)
2.5% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.68% (31 December 2017 est.)
4.5% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 154
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.68 billion (31 December 2017 est.)
$31.86 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 60
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$33.68 billion (31 December 2017 est.)
$31.86 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 60
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$111.2 billion (31 December 2017 est.)
$103.4 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Stock of domestic credit country ranks ]
[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 (CIA rank, may be based on non-current data): 45
[see also: Market value of publicly traded shares country ranks ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.127 billion (2017 est.)
-$5.056 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 26
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$55.17 billion (2017 est.)
$46.26 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
South Korea 18.3%, China 17.4%, Japan 11.5%, India 11.2%, Singapore 6.3%, US 5.7% (2017)

Exports - commodities:
oil and refined products, fertilizers

Imports:
$29.53 billion (2017 est.)
$26.56 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: Imports country ranks ]
[see also: Imports country ranks ]

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

Imports - partners:
China 13.5%, US 13.3%, UAE 9.5%, Saudi Arabia 5.8%, Germany 5.4%, Japan 5%, India 4.7%, Italy 4.5% (2017)

Reserves of foreign exchange and gold:
$33.7 billion (31 December 2017 est.)
$31.13 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$47.24 billion (31 December 2017 est.)
$38.34 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$12.9 billion (31 December 2017 est.)
$12.62 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$82.35 billion (31 December 2017 est.)
$74.13 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Stock of direct foreign investment - abroad country ranks ]
[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 (2015 est.)
0.3009 (2014 est.)
0.2845 (2013 est.)


NOTE: 1) The information regarding Kuwait on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Kuwait Economy 2020 information contained here. All suggestions for corrections of any errors about Kuwait Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have 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 assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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