The Economy of Kuwait

Key Indicators

  2006 2007 2008 2009 2010
GDP $114.70B $148.02B $98.42B $117.32B $127.80B
Unemployment Rate 1.70% 1.67% 1.64% 1.64% 1.64%
Population 3.31M 3.44M 3.54M 3.61M 3.68M

Featured Economic Indicators [ View all 1100 Economic Indicators ]

Gross Domestic Product (Percent change) Gross Domestic Product (U.S. dollars)
Per Capita Gross Domestic Product  (U.S. dollars) GDP (Purchasing Power Parity) (Current international dollar)
Investment (Percent of GDP) Gross national savings (Percent of GDP)
Inflation average consumer prices (Index) Inflation average consumer prices (Percent change)
Inflation (Index) Inflation (Percent change)
Unemployment rate (Percent of total labor force) Labor Force (Persons)
Population (Persons) Government revenue (National currency)
Government revenue (Percent of GDP) Government expenditure (Percent of GDP)
Government net lending/borrowing (Percent of GDP) Government structural balance (Percent of potential GDP)
Government primary net lending/borrowing (Percent of GDP) Government net debt (Percent of GDP)
Government gross debt (Percent of GDP) Current account balance (U.S. dollars)
Current account balance (Percent of GDP)  

Economic Overview of Kuwait

Kuwait Map
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96000000000 barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwaits climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. High oil prices in recent years have helped build Kuwaits budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives.

Nation History

Kuwait Map
Britain oversaw foreign relations and defense for the ruling Kuwaiti AL-SABAH dynasty from 1899 until independence in 1961. Kuwait was attacked and overrun by Iraq on 2 August 1990. Following several weeks of aerial bombardment, a US-led, UN coalition began a ground assault on 23 February 1991 that liberated Kuwait in four days. Kuwait spent more than $5000000000 to repair oil infrastructure damaged during 1990-91. The AL-SABAH family has ruled since returning to power in 1991, and reestablished an elected legislature that in recent years has become increasingly assertive.

Source(s): CIA World Factbook