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Economy of Kuwait information


Economy of Kuwait
Kuwait City skyline
CurrencyKuwaiti dinar (KWD)
Fiscal year
1 April – 31 March
Trade organisations
WTO, OPEC and GCC
Country group
  • Developing/Emerging[1]
  • High-income economy[2]
Statistics
PopulationIncrease 4,793,195(2023)[3]
GDP
  • Increase $159.68 billion (nominal, 2023est.)[4]
  • Increase $245 billion (PPP, 2022 est.)[4]
GDP growth
  • 1.2% (2018) 0.7% (2019e)
  • 0.0% (2020f) 1.6% (2021f)[5]
GDP per capita
  • Increase $33,316 (nominal, 2024 est.)[4]
  • Increase $59,738 (PPP, 2024 est.)[4]
GDP by sector
agriculture (0.4%), industry (58.7%), services (40.9%) (2017 est.)[6]
Inflation (CPI)
0.579% (2018)[4]
Unemployment5.2% [6]
Main industries
petroleum, petrochemicals, steelmaking, cement, shipbuilding and repair, desalination, food processing, construction materials
External
Exports$40.16 billion (2020 est.)[7]
Export goods
oil and refined products, acyclic alcohols, motor cars and other motor vehicles, lightvessels, floating cranes, floating docks, dredgers.[8]
Main export partners
Economy of Kuwait India(+) 1.6%
Economy of Kuwait UAE(+) 1.1%
Economy of Kuwait Iraq(+) 0.9%
Economy of Kuwait Saudi Arabia(+) 0.8% (2020 est.)[8][9][10][11]
Imports$28.34 billion (2020 est.)[7]
Import goods
food, construction materials, vehicles and parts, clothing
Main import partners
Economy of Kuwait China(-) 16.7%
Economy of Kuwait United States(+) 8.7%
Economy of Kuwait UAE(+) 8.6%
Economy of Kuwait Japan(+) 5.9% (2020 est.)[8]
Gross external debt
Negative increase$48.91 billion (31 December 2017 est.)[6]
Public finances
Government debt
Negative increase13.74 (2021 est.)[12]
Revenues$24.97 billion (2020 est.)[6]
Expenses$71.58 billion (2020 est.)[6]
Economic aidN/A
Credit rating
Standard & Poor's:[13]
AA- (Domestic)
AA- (Foreign)
AA+ (T&C Assessment)
Outlook: Stable[14]
Moody's:[14]
Aa2
Outlook: Stable
Fitch:[14]
AA
Outlook: Stable
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Kuwait is a wealthy petroleum-based economy.[15] Kuwait is one of the richest countries in the world.[16][17][18] The Kuwaiti dinar is the highest-valued unit of currency in the world.[19] According to the World Bank, Kuwait is the fifth richest country in the world by gross national income per capita.[20]

  1. ^ "Kuwait's Move from Frontier to Emerging Market". 14 December 2020.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Kuwait | Data".
  4. ^ a b c d e "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. April 2022. Retrieved 19 April 2022.
  5. ^ Rabah, Arezki; Daniel, Lederman; Amani, Abou Harb; Nelly, El-Mallakh; Yuting, Fan; Asif, Islam; Ha, Nguyen; Marwane, Zouaidi (9 April 2020). "Middle East and North Africa Economic Update, April 2020 : How Transparency Can Help the Middle East and North Africa". openknowledge.worldbank.org. World Bank: 10. Retrieved 10 April 2020.
  6. ^ a b c d e "Kuwait". The World Factbook. Central Intelligence Agency (CIA). 2018. Retrieved 21 April 2018.
  7. ^ a b "Kuwait". IMF.org. Retrieved 3 November 2020.
  8. ^ a b c "Foreign Trade in Figures". Kuwait exports to a wide number of countries, the main ones being India (1.6%), China (1.3%), United Arab Emirates (1.1%), Iraq (0.9%) and Saudi Arabia (0.8%). Kuwait's largest suppliers are China (16.7%), the United States (8.7%), the UAE (8.6%) and Japan (5.9%).
  9. ^ "Kuwait: Trade Statistics".
  10. ^ "Kuwait: Imports and Exports".
  11. ^ "Kuwait, Trade with World" (PDF). European Union. p. 8.
  12. ^ "Import Partners of Kuwait". CEIC Data. 2018. Retrieved 21 April 2018.
  13. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  14. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  15. ^ "Kuwait". The World Factbook. Central Intelligence Agency. 10 April 2015.
  16. ^ "GDP per capita, PPP (current international $)", World Development Indicators database, World Bank. Database updated on 14 April 2015.
  17. ^ GDP – per capita (PPP), The World Factbook, Central Intelligence Agency.
  18. ^ Economic Outlook Database, October 2015, International Monetary Fund. Database updated on 6 October 2015.
  19. ^ "10 Most Valuable Currencies in the World". Silicon India. 21 March 2012.
  20. ^ Grant Suneson (7 July 2019). "These are the 25 richest countries in the world". USA Today.

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