Economy - overviewKuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the government did not push through new initiatives. The drop in oil prices in late 2008 will reduce Kuwait's fiscal surplus in 2009. The global financial crisis may slow the pace of investment and development projects, but Kuwait has vowed to use its considerable financial resources to stabilize the economy if necessary. GDP (purchasing power parity)$149.1 billion (2008 est.) GDP (official exchange rate)$158.1 billion (2008 est.) GDP - real growth rate8.5% (2008 est.) GDP - per capita (PPP)$57,400 (2008 est.) GDP - composition by sectoragriculture: 0.3% Population below poverty lineNA% Labor force2.088 million Labor force - by occupationagriculture: NA% Unemployment rate2.2% (2004 est.) Household income or consumption by percentage sharelowest 10%: NA% Investment (gross fixed)18.3% of GDP (2008 est.) Budgetrevenues: $105.2 billion Public debt7.5% of GDP (2008 est.) Inflation rate (consumer prices)10.6% (2008 est.) Central bank discount rateNA% (31 December 2008) Commercial bank prime lending rateNA% (31 December 2008) Stock of money$15.31 billion (31 December 2008) Stock of quasi money$63.08 billion (31 December 2008) Stock of domestic credit$83.93 billion (31 December 2008) Industriespetroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials Industrial production growth rate8% (2008 est.) Electricity - production44.75 billion kWh (2006 est.) Electricity - production by sourcefossil fuel: 100% Electricity - consumption39.54 billion kWh (2006 est.) Electricity - exports0 kWh (2007 est.) Electricity - imports0 kWh (2007 est.) Oil - production2.613 million bbl/day (2007 est.) Oil - consumption334,700 bbl/day (2006 est.) Oil - imports8,022 bbl/day (2005) Oil - exports2.356 million bbl/day (2005) Oil - proved reserves101.5 billion bbl (1 January 2008 est.) Natural gas - production12.5 billion cu m (2006 est.) Natural gas - consumption12.5 billion cu m (2006 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports0 cu m (2007 est.) Natural gas - proved reserves1.586 trillion cu m (1 January 2008 est.) Current Account Balance$61.92 billion (2008 est.) Agriculture - productspractically no crops; fish Exports$89.4 billion (2008 est.) Exports - commoditiesoil and refined products, fertilizers Exports - partnersJapan 20.9%, South Korea 15%, US 10.2%, Singapore 9%, China 6.6%, Netherlands 4.2% (2008) Imports$24.91 billion (2008 est.) Imports - commoditiesfood, construction materials, vehicles and parts, clothing Imports - partnersUS 11.5%, Japan 8.9%, Germany 7.9%, China 7.1%, Saudi Arabia 6.8%, South Korea 6.5%, Italy 4.6%, India 4.2%, UK 4.1% (2008) Reserves of foreign exchange and gold$17.23 billion (31 December 2008 est.) Debt - external$36.93 billion (31 December 2008 est.) Stock of direct foreign investment - at home$1.22 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$28.29 billion (31 December 2008 est.) Market value of publicly traded shares$107.2 billion (31 December 2008) Economic aid - recipient$2.6 million (2004) Currency (code)Kuwaiti dinar (KD) Currency (code)KWD Exchange ratesKuwaiti dinars (KD) per US dollar - 0.2679 (2008 est.), 0.2844 (2007), 0.29 (2006), 0.292 (2005), 0.2947 (2004) Fiscal year1 April - 31 March |
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Source: CIA World Factbook | |