Economy - overview Kuwait is a small, rich, relatively open economy with proved crude oil reserves of 94 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. Kuwait's 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. Higher oil prices put the FY99/00 budget into a $2 billion surplus. The FY00/01 budget covers only nine months because of a change in the fiscal year. The budget for FY01/02 envisioned higher expenditures for salaries, construction, and other general categories. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.

GDP purchasing power parity - $30.9 billion (2001 est.)

GDP - real growth rate 4% (2001 est.)

GDP - per capita purchasing power parity - $15,100 (2001 est.)

GDP - composition by sector
industry: 60%
services: 39.7%
agriculture: 0.3% (2000)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 2.7% (2001)

Labor force 1.3 million (1998 est.)
note: 68% of the population in the 15-64 age group is non-national (July 1998 est.)

Labor force - by occupation agriculture NA%, industry NA%, services NA%

Unemployment rate 1.8% (official 1996 est.)

Budget
revenues: $11.5 billion
expenditures: $17.2 billion, including capital expenditures of $NA (FY01/02)

Industries petroleum, petrochemicals, desalination, food processing, construction materials

Industrial production growth rate 1% (1997 est.)

Electricity - production 31.2 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 29.016 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products practically no crops; fish

Exports $16.2 billion (f.o.b., 2001 est.)

Exports - commodities oil and refined products, fertilizers

Exports - partners Japan 23%, US 14%, South Korea 13%, Singapore 7%, Netherlands 6%, Pakistan 6%, Indonesia 4%, UK 2% (2000)

Imports $7.4 billion (f.o.b., 2001 est.)

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

Imports - partners US 12%, Japan 8%, UK 8%, Germany 7%, China 5%, France 4%, Australia 3%, Netherlands 2% (2000)

Debt - external $6.9 billion (2000 est.)

Economic aid - recipient NA

Currency Kuwaiti dinar (KD)

Currency code KWD

Exchange rates Kuwaiti dinars per US dollar - 0.3075 (January 2002), 0.3066, (2001), 0.3067 (2000), 0.3044 (1999), 0.3047 (1998), 0.3033 (1997)

Fiscal year 1 April - 31 March

NOTE: The information regarding Kuwait on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kuwait Economy 2002 information contained here. All suggestions for corrections of any errors about Kuwait Economy 2002 should be addressed to the CIA.