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.
-3.3% (2017 est.)
2.2% (2016 est.)
-1% (2015 est.)
1.5% (2017 est.)
3.5% (2016 est.)
Fitch rating: AA (2008)
Moody's rating: A1 (2020)
Standard & Poors rating: AA- (2020)
$209.738 billion (2019 est.)
$208.845 billion (2018 est.)
$206.274 billion (2017 est.)
note: data are in 2017 dollars
$134.638 billion (2019 est.)
$49,854 (2019 est.)
$50,479 (2018 est.)
$50,856 (2017 est.)
note: data are in 2017 dollars
40.8% of GDP (2018 est.)
35.5% of GDP (2017 est.)
37.1% of GDP (2015 est.)
agriculture: 0.4% (2017 est.)
industry: 58.7% (2017 est.)
services: 40.9% (2017 est.)
household consumption: 43.1% (2017 est.)
government consumption: 24.5% (2017 est.)
investment in fixed capital: 26.5% (2017 est.)
investment in inventories: 3.5% (2017 est.)
exports of goods and services: 49.4% (2017 est.)
imports of goods and services: -47% (2017 est.)
Overall score: 67.4 (2020)
Starting a Business score: 88.4 (2020)
Trading score: 52.6 (2020)
Enforcement score: 61.4 (2020)
eggs, dates, tomatoes, cucumbers, poultry, milk, mutton, potatoes, vegetables, eggplants
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
2.8% (2017 est.)
2.695 million (2017 est.)
note: non-Kuwaitis represent about 60% of the labor force
agriculture: NA
industry: NA
services: NA
1.1% (2017 est.)
1.1% (2016 est.)
N/A
lowest 10%: NA
highest 10%: NA
revenues: 50.5 billion (2017 est.)
expenditures: 62.6 billion (2017 est.)
41.8% (of GDP) (2017 est.)
-10% (of GDP) (2017 est.)
20.6% of GDP (2017 est.)
9.9% of GDP (2016 est.)
1 April - 31 March
$7.127 billion (2017 est.)
-$5.056 billion (2016 est.)
$84.825 billion (2018 est.)
$89.098 billion (2017 est.)
China 20%, South Korea 16%, India 15%, Japan 10%, Taiwan 6%, Vietnam 5% (2019)
crude petroleum, refined petroleum, aircraft, natural gas, industrial hydrocarbon products (2019)
$54.556 billion (2018 est.)
$55.025 billion (2017 est.)
China 14%, United Arab Emirates 12%, United States 10%, Saudi Arabia 6%, Japan 6%, Germany 5%, India 5% (2019)
cars, broadcasting equipment, natural gas, packaged medicines, jewelry (2019)
$33.7 billion (31 December 2017 est.)
$31.13 billion (31 December 2016 est.)
$47.24 billion (31 December 2017 est.)
$38.34 billion (31 December 2016 est.)
Kuwaiti dinars (KD) per US dollar -
0.3049 (2020 est.)
0.3037 (2019 est.)
0.304 (2018 est.)
0.3009 (2014 est.)
0.2845 (2013 est.)
NOTE: The information regarding Kuwait on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Kuwait 2021 information contained here. All suggestions for corrections of any errors about Kuwait 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.