Kuwait Economy - 2024

Economic overview

small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program

Real GDP (purchasing power parity)

$191.522 billion (2020 est.)
$210.13 billion (2019 est.)
$211.296 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

-8.86% (2020 est.)
-0.55% (2019 est.)
2.43% (2018 est.)

Real GDP per capita

$43,900 (2020 est.) note: data are in 2017 dollars
$47,300 (2019 est.) note: data are in 2017 dollars
$48,900 (2018 est.)

GDP (official exchange rate)

$134.638 billion (2019 est.)

Inflation rate (consumer prices)

3.42% (2021 est.)
2.1% (2020 est.)
1.09% (2019 est.)

Credit ratings

Fitch rating: AA (2008)

Moody's rating: A1 (2020)

Standard & Poors rating: AA- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.4% (2017 est.)

industry: 58.7% (2017 est.)

services: 40.9% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

eggs, dates, tomatoes, cucumbers, poultry, milk, mutton, potatoes, vegetables, eggplants

Industries

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

Industrial production growth rate

-12.2% (2020 est.)

Labor force

2.363 million (2021 est.)

note: non-Kuwaitis represent about 60% of the labor force

Unemployment rate

3.71% (2021 est.)
3.54% (2020 est.)
2.17% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 25.5% (2021 est.)

male: 17.1%

female: 46.2%

Population below poverty line

N/A

Average household expenditures

on food: 19.2% of household expenditures (2018 est.)

on alcohol and tobacco: 0.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0.02% of GDP (2020 est.)
0.02% of GDP (2019 est.)
0.02% of GDP (2018 est.)

Budget

revenues: $77.988 billion (2019 est.)

expenditures: $72.03 billion (2019 est.)

Budget surplus (+) or deficit (-)

-10% (of GDP) (2017 est.)

Public debt

20.6% of GDP (2017 est.)
9.9% of GDP (2016 est.)

Taxes and other revenues

41.8% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$34.943 billion (2021 est.)
$22.03 billion (2020 est.)
$30.255 billion (2019 est.)

Exports

$77.121 billion (2021 est.) note: data are in current year dollars
$47.416 billion (2020 est.) note: data are in current year dollars
$72.833 billion (2019 est.)

Exports - partners

China 20%, South Korea 16%, India 15%, Japan 10%, Taiwan 6%, Vietnam 5% (2019)

Exports - commodities

crude petroleum, refined petroleum, natural gas, industrial hydrocarbon products, industrial alcohols (2021)

Imports

$48.954 billion (2021 est.) note: data are in current year dollars
$44.015 billion (2020 est.) note: data are in current year dollars
$59.654 billion (2019 est.)

Imports - partners

China 14%, United Arab Emirates 12%, United States 10%, Saudi Arabia 6%, Japan 6%, Germany 5%, India 5% (2019)

Imports - commodities

cars, broadcasting equipment, natural gas, packaged medicines, jewelry (2019)

Reserves of foreign exchange and gold

$49.525 billion (31 December 2021 est.)
$52.919 billion (31 December 2020 est.)
$43.668 billion (31 December 2019 est.)

Debt - external

$47.24 billion (31 December 2017 est.)
$38.34 billion (31 December 2016 est.)

Exchange rates

Kuwaiti dinars (KD) per US dollar -

Exchange rates:
0.302 (2021 est.)
0.306 (2020 est.)
0.304 (2019 est.)
0.302 (2018 est.)
0.303 (2017 est.)