Basic Country Facts

Economy Economic overview: Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2.0 million barrels per day in 1994. The government continues to record large fiscal deficits. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 70% of government income. Kuwait lacks water and has practically no arable land, thus preventing development of agriculture. With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Because of its high per capita income, comparable with Western European incomes, Kuwait provides its citizens with extensive health, educational, and retirement benefits. Per capita military expenditures are among the highest in the world. The economy improved moderately in 1994-95, with the growth in industry and finance. The World Bank has urged Kuwait to push ahead with privatization, including in the oil industry, but the government will move slowly on this front. GDP: purchasing power parity - $30.8 billion (1995 est.) GDP real growth rate: 3% (1995 est.) GDP per capita: $17,000 (1995 est.) GDP composition by sector: agriculture: 0% industry: 55% services: 45% Inflation rate (consumer prices): 5% (1994 est.) Labor force: 1 million (1994 est.) by occupation: industry and agriculture 25.0%, services 25.0%, government and social services 50.0% note: 80% of labor force non-Kuwaiti (1994 est.) Unemployment rate: NEGL% (1992 est.) Budget: revenues: $9.7 billion expenditures: $14.2 billion, including capital expenditures of $NA (FY95/96 est.) Industries: petroleum, petrochemicals, desalination, food processing, construction materials, salt, construction Industrial production growth rate: 1% (1995 est.) Electricity: capacity: 7,070,000 kW production: 11 billion kWh consumption per capita: 6,007 kWh (1993) Agriculture: practically no crops; extensive fishing in territorial waters Exports: $11.9 billion (f.o.b., 1994) commodities: oil partners: US 23%, Japan 13%, Germany 10%, UK 9%, France 8% Imports: $6.7 billion (f.o.b., 1994) commodities: food, construction materials, vehicles and parts, clothing partners: US 14%, Japan 12%, Germany 8%, UK 7%, France 6% (1994 est.) External debt: $NA Economic aid: $NA Currency: 1 Kuwaiti dinar (KD) = 1,000 fils Exchange rates: Kuwaiti dinars (KD) per US$1 - 0.2993 (January 1996), 0.2984 (1995), 0.2976 (1994), 0.3017 (1993), 0.2934 (1992), 0.2843 (1991) Fiscal year: 1 July - 30 June