Economy - overview:
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 90% of government income.In 2015, Kuwait, for the first time in fifteen years, realized a budget deficit after decades of high oil prices. Kuwaiti authorities have tried to reduce the deficit by decreasing spending on subsidies for the local population, but with limited success. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that crowds out private employment of Kuwaiti nationals, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation.

GDP (purchasing power parity):
$288.8 billion (2015 est.) $285.4 billion (2014 est.) $285 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 53
[see also: GDP country ranks ]

GDP (official exchange rate):
$123.2 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.2% (2015 est.) 0.1% (2014 est.) 0.8% (2013 est.)
country comparison to the world: 168
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$72,200 (2015 est.) $71,400 (2014 est.) $71,300 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 10
[see also: GDP - per capita country ranks ]

Gross national saving:
30.2% of GDP (2015 est.) 46.3% of GDP (2014 est.) 56.6% of GDP (2013 est.)
country comparison to the world: 19
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 36.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 25.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 55.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 59.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.2% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fish

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

Industrial production growth rate:
-4% (2015 est.)
country comparison to the world: 187
[see also: Industrial production growth rate country ranks ]

Labor force:
2.473 million
note: non-Kuwaitis represent about 60% of the labor force (2015 est.)
country comparison to the world: 116
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA%
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3% (2015 est.) 3% (2014 est.)
country comparison to the world: 22
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $61.08 billion
[see also: Budget revenues country ranks ]
expenditures: $66.5 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
49.6% of GDP (2015 est.)
country comparison to the world: 16
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2015 est.)
country comparison to the world: 158
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
9.5% of GDP (2015 est.) 6.5% of GDP (2014 est.)
country comparison to the world: 166
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.4% (2015 est.) 2.9% (2014 est.)
country comparison to the world: 140
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.25% (31 December 2010) 3% (31 December 2009)
country comparison to the world: 122
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.3% (31 December 2015 est.) 4.3% (31 December 2014 est.)
country comparison to the world: 157
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$31.83 billion (31 December 2015 est.) $32.8 billion (31 December 2014 est.)
country comparison to the world: 61
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$114.8 billion (31 December 2015 est.) $116 billion (31 December 2014 est.)
country comparison to the world: 52
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$96.93 billion (31 December 2015 est.) $96.65 billion (31 December 2014 est.)
country comparison to the world: 53
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$99.77 billion (31 December 2014 est.) $100.9 billion (31 December 2011) $119.6 billion (31 December 2010 est.)
country comparison to the world: 44
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$11.43 billion (2015 est.) $53.53 billion (2014 est.)
country comparison to the world: 19
[see also: Current account balance country ranks ]

Exports:
$57.13 billion (2015 est.) $103.4 billion (2014 est.)
country comparison to the world: 47
[see also: Exports country ranks ]

Exports - commodities:
oil and refined products, fertilizers

Exports - partners:
South Korea 16.7%, India 14.9%, Japan 12.3%, US 11.3%, China 9.9% (2014)

Imports:
$25.67 billion (2015 est.) $27.38 billion (2014 est.)
country comparison to the world: 67
[see also: Imports country ranks ]

Imports - commodities:
food, construction materials, vehicles and parts, clothing

Imports - partners:
US 12.7%, China 11.9%, Saudi Arabia 7.1%, South Korea 6.9%, Japan 6.6%, Germany 4.8%, India 4.2% (2014)

Reserves of foreign exchange and gold:
$31.43 billion (31 December 2015 est.) $32.23 billion (31 December 2014 est.)
country comparison to the world: 49
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$35.22 billion (31 December 2014 est.) $36.04 billion (31 December 2013 est.)
country comparison to the world: 72
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$4.031 billion (31 December 2015 est.) $3.882 billion (31 December 2014 est.)
country comparison to the world: 101
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$39.46 billion (31 December 2015 est.) $36.85 billion (31 December 2014 est.)
country comparison to the world: 46
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Kuwaiti dinars (KD) per US dollar - 0.3 (2015 est.) 0.28 (2014 est.) 0.28 (2013 est.) 0.28 (2012 est.) 0.28 (2011 est.)