Kuwait Economy Profile 2009

Economy - overview

Kuwait 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.)
$137.5 billion (2007 est.)
$131.3 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$158.1 billion (2008 est.)

GDP - real growth rate

8.5% (2008 est.)
4.7% (2007 est.)
6.3% (2006 est.)

GDP - per capita (PPP)

$57,400 (2008 est.)
$54,900 (2007 est.)
$54,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 0.3%
industry: 52.2%
services: 47.5% (2008 est.)

Population below poverty line

NA%

Labor force

2.088 million
note: non-Kuwaitis represent about 80% of the labor force (2008 est.)

Labor force - by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

2.2% (2004 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed)

18.3% of GDP (2008 est.)

Budget

revenues: $105.2 billion
expenditures: $58.08 billion (2008 est.)

Public debt

7.5% of GDP (2008 est.)
29.6% of GDP (2004 est.)

Inflation rate (consumer prices)

10.6% (2008 est.)
5.5% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
6.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
8.54% (31 December 2007)

Stock of money

$15.31 billion (31 December 2008)
$15.12 billion (31 December 2007)

Stock of quasi money

$63.08 billion (31 December 2008)
$55.2 billion (31 December 2007)

Stock of domestic credit

$83.93 billion (31 December 2008)
$78.25 billion (31 December 2007)

Industries

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

Industrial production growth rate

8% (2008 est.)

Electricity - production

44.75 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

39.54 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

2.613 million bbl/day (2007 est.)

Oil - consumption

334,700 bbl/day (2006 est.)

Oil - imports

8,022 bbl/day (2005)

Oil - exports

2.356 million bbl/day (2005)

Oil - proved reserves

101.5 billion bbl (1 January 2008 est.)

Natural gas - production

12.5 billion cu m (2006 est.)

Natural gas - consumption

12.5 billion cu m (2006 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

1.586 trillion cu m (1 January 2008 est.)

Current Account Balance

$61.92 billion (2008 est.)
$47.48 billion (2007 est.)

Agriculture - products

practically no crops; fish

Exports

$89.4 billion (2008 est.)
$63.68 billion (2007 est.)

Exports - commodities

oil and refined products, fertilizers

Exports - partners

Japan 20.9%, South Korea 15%, US 10.2%, Singapore 9%, China 6.6%, Netherlands 4.2% (2008)

Imports

$24.91 billion (2008 est.)
$20.63 billion (2007 est.)

Imports - commodities

food, construction materials, vehicles and parts, clothing

Imports - partners

US 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.)
$16.78 billion (31 December 2007 est.)

Debt - external

$36.93 billion (31 December 2008 est.)
$33.62 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$1.22 billion (31 December 2008 est.)
$942 million (31 December 2007 est.)

Stock of direct foreign investment - abroad

$28.29 billion (31 December 2008 est.)
$16.93 billion (31 December 2007 est.)

Market value of publicly traded shares

$107.2 billion (31 December 2008)
$188 billion (31 December 2007)
$128.9 billion (31 December 2006)

Economic aid - recipient

$2.6 million (2004)

Currency (code)

Kuwaiti dinar (KD)

Currency (code)

KWD

Exchange rates

Kuwaiti dinars (KD) per US dollar - 0.2679 (2008 est.), 0.2844 (2007), 0.29 (2006), 0.292 (2005), 0.2947 (2004)

Fiscal year

1 April - 31 March