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Kuwait Economy




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Economy - overview: Kuwait is a small, relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. Kuwait's climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Higher oil prices put the FY99/00 budget into a $2 billion surplus. The FY00/01 budget covers only nine months because of a change in the fiscal year. The budget for FY01/02, which begins 1 April, contains higher expenditures for salaries, construction, and other general categories. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
GDP: purchasing power parity - $29.3 billion (2000 est.)
GDP - real growth rate: 6% (2000 est.)
GDP - per capita: purchasing power parity - $15,000 (2000 est.)
GDP - composition by sector: agriculture:  0%

industry:  55%

services:  45% (1996)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 3% (2000)
Labor force: 1.3 million (1998 est.)

note:  68% of the population in the 15-64 age group is non-national (July 1998 est.)
Labor force - by occupation: agriculture NA%, industry NA%, services NA%
Unemployment rate: 1.8% (official 1996 est.)
Budget: revenues:  $11.5 billion

expenditures:  $17.2 billion, including capital expenditures of $NA (FY01/02)
Industries: petroleum, petrochemicals, desalination, food processing, construction materials
Industrial production growth rate: 1% (1997 est.)
Electricity - production: 31.567 billion kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 29.357 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: practically no crops; fish
Exports: $23.2 billion (f.o.b., 2000 est.)
Exports - commodities: oil and refined products, fertilizers
Exports - partners: Japan 23%, US 12%, Singapore 8%, Netherlands 7% (1999)
Imports: $7.6 billion (f.o.b., 2000 est.)
Imports - commodities: food, construction materials, vehicles and parts, clothing
Imports - partners: US 15%, Japan 10%, UK 7%, Germany 7% (1999)
Debt - external: $6.9 billion (2000 est.)
Economic aid - recipient: $27.6 million (1995)
Currency: Kuwaiti dinar (KWD)
Currency code: KWD
Exchange rates: Kuwaiti dinars per US dollar - 0.3057 (January 2001), 0.3067 (2000), 0.3044 (1999), 0.3047 (1998), 0.3033 (1997), 0.2994 (1996)
Fiscal year: 1 April - 31 March

 

Countryfacts Information Courtesy: CIA Worldbook






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