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Economy - overview: |
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
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GDP: |
purchasing power parity - $48 billion (2004 est.)
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GDP - real growth rate: |
6.8% (2004 est.)
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GDP - per capita: |
purchasing power parity - $21,300 (2004 est.)
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GDP - composition by sector: |
agriculture: 0.4%
industry: 60.5%
services: 39.1% (2004 est.)
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Labor force: |
1.42 million
note: non-Kuwaitis represent about 80% of the labor force (2004 est.)
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Labor force - by occupation: |
agriculture NA, industries NA, services NA
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Unemployment rate: |
2.2% (2004 est.)
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Population below poverty line: |
NA
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Household income or consumption by percentage share: |
lowest 10%: NA
highest 10%: NA
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Inflation rate (consumer prices): |
2.3% (2004 est.)
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Investment (gross fixed): |
8% of GDP (2004 est.)
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Budget: |
revenues: $35.82 billion
expenditures: $19.53 billion, including capital expenditures of NA (2004 est.)
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Public debt: |
29.6% of GDP (2004 est.)
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Agriculture - products: |
practically no crops; fish
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Industries: |
petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials
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Industrial production growth rate: |
-5% (2002 est.)
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Electricity - production: |
32.43 billion kWh (2002)
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Electricity - production by source: |
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
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Electricity - consumption: |
30.16 billion kWh (2002)
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Electricity - exports: |
0 kWh (2002)
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Electricity - imports: |
0 kWh (2002)
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Oil - production: |
2.319 million bbl/day (2004 est.)
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Oil - consumption: |
293,000 bbl/day (2003 est.)
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Oil - exports: |
1.97 million bbl/day (2003)
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Oil - imports: |
NA
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Oil - proved reserves: |
96.5 billion bbl (2004 est.)
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Natural gas - production: |
8.7 billion cu m (2002 est.)
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Natural gas - consumption: |
8.7 billion cu m (2002 est.)
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Natural gas - exports: |
0 cu m (2002 est.)
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Natural gas - imports: |
0 cu m (2002 est.)
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Natural gas - proved reserves: |
1.548 trillion cu m (2004)
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Current account balance: |
$12.04 billion (2004 est.)
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Exports: |
$27.42 billion f.o.b. (2004 est.)
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Exports - commodities: |
oil and refined products, fertilizers
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Exports - partners: |
Japan 22.6%, US 13.4%, South Korea 13.4%, Singapore 12.4%, Taiwan 8.4%, Netherlands 4.1% (2004)
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Imports: |
$11.12 billion f.o.b. (2004 est.)
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Imports - commodities: |
food, construction materials, vehicles and parts, clothing
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Imports - partners: |
US 13.1%, Germany 12.7%, Japan 8.2%, China 5.9%, Italy 5.4%, UK 5.4%, Saudi Arabia 4.7%, France 4.6% (2004)
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Reserves of foreign exchange and gold: |
$7.333 billion (2004 est.)
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Debt - external: |
$15.02 billion (2004 est.)
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Economic aid - recipient: |
NA (2001)
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Currency (code): |
Kuwaiti dinar (KD)
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Currency code: |
KWD
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Exchange rates: |
Kuwaiti dinars per US dollar - 0.2947 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000)
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Fiscal year: |
1 April - 31 March
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