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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. 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 employs about 74% of citizens, 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 to $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 or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$302.5 billion (2017 est.)
$308.9 billion (2016 est.)
$301.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 57
$118.3 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
-2.1% (2017 est.)
2.5% (2016 est.)
2.1% (2015 est.)
country comparison to the world: 212
[see also: GDP - real growth rate country ranks ]
$69,700 (2017 est.)
$73,100 (2016 est.)
$73,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 13
24.1% of GDP (2017 est.)
25.1% of GDP (2016 est.)
30.8% of GDP (2015 est.)
country comparison to the world: 59
[see also: Gross national saving country ranks ]
household consumption: 43%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28%
[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: 50.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 0.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 58.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
-1.5% (2017 est.)
country comparison to the world: 192
[see also: Industrial production growth rate country ranks ]
2.695 million
note: non-Kuwaitis represent about 60% of the labor force (2017 est.)
country comparison to the world: 113
[see also: Labor force country ranks ]
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 ]
2.1% (2017 est.)
2.1% (2016 est.)
country comparison to the world: 16
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
revenues: $52.87 billion
[see also: Budget - revenues country ranks ]
expenditures: $61.39 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
44.7% of GDP (2017 est.)
country comparison to the world: 24
[see also: Taxes and other revenues country ranks ]
-7.2% of GDP (2017 est.)
country comparison to the world: 192
[see also: Budget surplus (+) or deficit (-) country ranks ]
26.2% of GDP (2017 est.)
17.3% of GDP (2016 est.)
country comparison to the world: 174
[see also: Public debt country ranks ]
1 April - 31 March
2.5% (2017 est.)
3.5% (2016 est.)
country comparison to the world: 115
[see also: Inflation rate (consumer prices) country ranks ]
2.5% (31 December 2016)
1.25% (31 December 2010)
country comparison to the world: 111
[see also: Central bank discount rate country ranks ]
5.2% (31 December 2017 est.)
4.5% (31 December 2016 est.)
country comparison to the world: 143
[see also: Commercial bank prime lending rate country ranks ]
$33.35 billion (31 December 2017 est.)
$31.87 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Stock of narrow money country ranks ]
$121.5 billion (31 December 2017 est.)
$116.9 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Stock of broad money country ranks ]
$102.2 billion (31 December 2017 est.)
$98.92 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Stock of domestic credit country ranks ]
$81.78 billion (31 December 2016 est.)
$83.13 billion (31 December 2015 est.)
$99.77 billion (31 December 2014 est.)
country comparison to the world: 44
[see also: Market value of publicly traded shares country ranks ]
-$714 million (2017 est.)
-$4.997 billion (2016 est.)
country comparison to the world: 115
[see also: Current account balance country ranks ]
$54.09 billion (2017 est.)
$46.26 billion (2016 est.)
country comparison to the world: 50
[see also: Exports country ranks ]
oil and refined products, fertilizers
South Korea 16.8%, China 14.4%, Japan 9.6%, India 9.2%, US 7.5%, Singapore 5.6% (2016)
$29.36 billion (2017 est.)
$30.82 billion (2016 est.)
country comparison to the world: 64
[see also: Imports country ranks ]
food, construction materials, vehicles and parts, clothing
China 14.1%, US 11.9%, UAE 8.3%, Japan 6.5%, Germany 6.2%, India 5.4%, Italy 5%, Saudi Arabia 4.4%, South Korea 4.4% (2016)
$33.13 billion (31 December 2017 est.)
$31.13 billion (31 December 2016 est.)
country comparison to the world: 49
[see also: Reserves of foreign exchange and gold country ranks ]
$48.91 billion (31 December 2017 est.)
$38.34 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Debt - external country ranks ]
$13.07 billion (31 December 2017 est.)
$12.62 billion (31 December 2016 est.)
country comparison to the world: 93
[see also: Stock of direct foreign investment - at home country ranks ]
$79.62 billion (31 December 2017 est.)
$74.13 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of direct foreign investment - abroad country ranks ]
Kuwaiti dinars (KD) per US dollar -
0.3041 (2017 est.)
0.3022 (2016 est.)
0.3022 (2016 est.)
0.3009 (2014 est.)
0.2845 (2013 est.)