Kuwait Country Profile

kuwait-map

kuwait-skyline • Full name: The State of Kuwait
• Population: 2.9 million (UN, 2008)
• Capital: Kuwait
• Area: 17,818 sq km (6,880 sq miles)
• Major language: Arabic
• Major religion: Islam
• Life expectancy: 76 years (men), 80 years (women) (UN)
• Monetary unit: 1 Dinar = 1000 fils
• Main exports: Oil
• GNI per capita: US $57,400 (World Bank, 2008, PPP.)
• Internet domain: .kw
• International dialling code: +965
• Education Budget:
• Healthcare Budget:2.5%
• Hospitals: 27
• Beds: 5700 (85% Govn.)
• Medical Devices/furniture imports: $120M (Est.2008)
• Regulatory environnent:
• Product Registration:

Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels – 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income.

Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the government did not push through new initiatives.

The drop in oil prices in late 2008 will reduce Kuwait’s fiscal surplus in 2009. The global financial crisis may slow the pace of investment and development projects, but Kuwait has vowed to use its considerable financial resources to stabilize the economy if necessary.

GDP (purchasing power parity):

$149.1 billion (2008 est.)
country comparison to the world: 58
$137.5 billion (2007 est.)
$131.3 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate):

$158.1 billion (2008 est.)

GDP – real growth rate:

8.5% (2008 est.)
country comparison to the world: 21
4.7% (2007 est.)
6.3% (2006 est.)

GDP – per capita (PPP):

$57,400 (2008 est.)
country comparison to the world: 6
$54,900 (2007 est.)
$54,300 (2006 est.)
note: data are in 2008 US dollars

GDP – composition by sector:

agriculture: 0.3%
industry: 52.2%
services: 47.5% (2008 est.)

Labor force:

2.088 million
country comparison to the world: 119
note: non-Kuwaitis represent about 80% of the labor force (2008 est.)

Labor force – by occupation:

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:

2.2% (2004 est.)

country comparison to the world: 22

Investment (gross fixed):

18.3% of GDP (2008 est.)
country comparison to the world: 127

Budget:

revenues: $105.2 billion
expenditures: $58.08 billion (2008 est.)

Public debt:

7.5% of GDP (2008 est.)

country comparison to the world: 116

Inflation rate (consumer prices):

10.6% (2008 est.)
country comparison to the world: 156
5.5% (2007 est.)

Central bank discount rate:

NA% (31 December 2008)
country comparison to the world: 70
6.25% (31 December 2007)
Commercial bank prime lending rate:

NA% (31 December 2008)
country comparison to the world: 100
8.54% (31 December 2007)
Stock of money:

$15.31 billion (31 December 2008)
country comparison to the world: 48
$15.12 billion (31 December 2007)
Stock of quasi money:

$63.08 billion (31 December 2008)
country comparison to the world: 32
$55.2 billion (31 December 2007)
Stock of domestic credit:

$83.93 billion (31 December 2008)
country comparison to the world: 47
$78.25 billion (31 December 2007)
Market value of publicly traded shares:

$188 billion (31 December 2007)
country comparison to the world: 38

Agriculture – products:

practically no crops; fish
Industries:

petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Industrial production growth rate:

8% (2008 est.)
country comparison to the world: 24

Electricity – production:

44.75 billion kWh (2006 est.)
country comparison to the world: 51

Electricity – consumption:

39.54 billion kWh (2006 est.)
country comparison to the world: 52

Oil – production:

2.613 million bbl/day (2007 est.)
country comparison to the world: 11

Oil – consumption:

334,700 bbl/day (2006 est.)
country comparison to the world: 38

Oil – exports:

2.356 million bbl/day (2005)
country comparison to the world: 6

Oil – imports:

8,022 bbl/day (2005)
country comparison to the world: 144

Oil – proved reserves:

101.5 billion bbl (1 January 2008 est.)
country comparison to the world: 5

Natural gas – production:

12.5 billion cu m (2006 est.)
country comparison to the world: 38

Natural gas – consumption:

12.5 billion cu m (2006 est.)
country comparison to the world: 44

Natural gas – proved reserves:

1.586 trillion cu m (1 January 2008 est.)
country comparison to the world: 21

Current account balance:

$61.92 billion (2008 est.)
country comparison to the world: 8

Exports:

$89.4 billion (2008 est.)
country comparison to the world: 40

Exports – commodities:

oil and refined products, fertilizers
Exports – partners:

Japan 20.9%, South Korea 15%, US 10.2%, Singapore 9%, China 6.6%, Netherlands 4.2% (2008)
Imports:

$24.91 billion (2008 est.)
country comparison to the world: 68

Imports – commodities:

food, construction materials, vehicles and parts, clothing, medical
Imports – partners:

US 11.5%, Japan 8.9%, Germany 7.9%, China 7.1%, Saudi Arabia 6.8%, South Korea 6.5%, Italy 4.6%, India 4.2%, UK 4.1% (2008)
Reserves of foreign exchange and gold:

$17.23 billion (31 December 2008 est.)
country comparison to the world: 56
Debt – external:

$36.93 billion (31 December 2008 est.)
country comparison to the world: 56

Stock of direct foreign investment – at home:

$1.22 billion (31 December 2008 est.)
country comparison to the world: 95

Stock of direct foreign investment – abroad:

$28.29 billion (31 December 2008 est.)
country comparison to the world: 37

Exchange rates:

Kuwaiti dinars (KD) per US dollar – 0.2679 (2008 est.)