Economic indicators

The government sector’s dominates the economy. Accounting for over three-quarters of gross domestic product (GDP), the government sector is the largest potential source of business in the country and influences economic activity profoundly.
Kuwait is a rich country, with a high per capita income (USD29,940 in 2004), sitting on 9% of world oil reserves.
Kuwait is actively promoting itself as a base for foreign investors in the region although with limited success so far. The Government is also looking at wider economic reform, including moving some of the 95% of Kuwaitis who work in the state sector to the private sector.
Kuwait’s gross domestic product (GDP) stood at $103 billion in 2005. GDP growth has averaged 23% over the last five years. Real growth in GDP during 2005 topped 10%, and averaged 7.9% over the last five years.

Main sectors of industry

Agriculture activity is very limited due to lack of water and arable land. Agriculture contributes less than 1% to GDP.
Industry in Kuwait is based on oil exploitation: this sector represents 53% of the GDP and 92, 9% of the exports.
The non-oil sector is dominated by services.
For further information, consult the "Doing Business in Kuwait" guide by the National Bank of Kuwait.

 

Breakdown of economic activity by sector	Agriculture	Industry	Services
Employment by sector (in % of total employment)	0.0	18.3	81.7
Value added (in % of GDP)	0.5	51.0	48.5
Value added (annual % change)	8.8	16.7	17.9

- last available data.

 

Monetary indicators	2004	2005	2006	2007	2008
Kuwaiti Dinar (KWD) - Average annual exchange rate for 1 USD	0.29	0.29	0.29	0.28	0.27

Source: World Bank - World Development Indicators

 

Indicator of economic freedom

Score:

65.6/100

Position:

moderately free

World Rank:

50 out of 179

Regional Rank:

5 out of 18

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

 

Foreign trade in figures

Kuwait is highly dependent on foreign trade. The share of foreign trade in country’s GDP is nearly 95%.
Kuwait’s imports in 2006 totaled USD16 billion.
The country depends heavily on imports to meet most of its needs of foodstuffs, consumer goods, capital goods and intermediate products. Around 40% of Kuwait’s imports are consumer goods. Investment goods represent about 22% of total imports while intermediate goods accounted for the remaining 38%.
Kuwait’s largest supplier of imports is Germany, with KD 426 million in goods imports, according to 2004 figures, the latest available. Germany was followed by the United States and Saudi Arabia, which account for KD 400 million and KD 295 million of imports, respectively. Other main sources of imports include China, Japan, Italy, United Arab Emirates, and India. Imports from other GCC states have been growing since the introduction of a GCC customs union, with Kuwait importing 32% more goods from there in 2004 than the prior year.
Kuwait’s exports in 2006 reached USD 56 billion. Exports of crude oil and refined products accounted for 95% of total exports. Of Kuwait’s non-oil exports, petrochemical products and light manufactured goods accounted for an overwhelming 75%. The remaining consisted of re-exports, mainly of machinery and transportation equipment. Kuwait’s merchandise trade surplus, which has been substantial in recent years due to the relatively high price of oil, stood at USD40 billion in 2006. The surplus was 44% higher than its level in 2005, due to a combination of higher oil prices and production, and to a much smaller extent, higher non-oil exports.

Sources of general economic information

Ministries

Ministry of Finance (in Arabic)

Statistical Office

Minstry of Planning

Central Bank

Central Bank of Kuwait

Stock Exchange

Kuwait Stock Exchange

Search Engines

Aiwagulf
Kuwait Links

Economic portals

Economic Arab portal