It was anticipated that pre-invasion oil production levels would be reached by the end of 1992. It was also estimated that it would take two to five years to restore the country's full export capacity. Gradually, oil exports started to get back to normal and higher oil prices helped reduce the budget deficit in 1999. However, with the increase in oil revenues following the restoration of the country's export capacity, the government expanded its welfare role in health, education and municipal services and public utilities.
Economy - overview:
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
GDP (purchasing power parity):
$48 billion (2004 est.)
GDP - real growth rate:
6.8% (2004 est.)
GDP - per capita:
purchasing power parity - $21,300 (2004 est.)
GDP (official exchange rate):
$4.955 trillion (2005 est.)
GDP - per capita:
purchasing power parity - $30,400 (2005 est.)
GDP - composition by sector:
agriculture: 0.4%
industry: 60.5%
services: 39.1% (2004 est.)
Labor force:
1.42 million
note: non-Kuwaitis represent about 80% of the labor force (2004 est.)
Labor force - by occupation:
agriculture NA, industries NA, services NA
Unemployment rate:
2.2% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
2.3% (2004 est.)
Investment (gross fixed):
8% of GDP (2004 est.)
Budget:
revenues: $35.82 billion
expenditures: $19.53 billion, including capital expenditures of NA (2004 est.)
Public debt:
29.6% of GDP (2004 est.)
Agriculture - products:
practically no crops; fish
Industries:
petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials
Industrial production growth rate:
-5% (2002 est.)
Electricity - production:
32.43 billion kWh (2002)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001) )
Electricity - consumption:
30.16 billion kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2004)
Oil - production:
2.319 million bbl/day(2004 est.)
Oil - consumption:
293,000 bbl/day (2003 est.)
Oil - exports:
1.97 million bbl/day (2003)
Oil - imports:
NA
Oil - proved reserves:
96.5 billion bbl (2004 est.)
Natural gas - production:
8.7 billion cu m (2002 est.)
Natural gas - consumption:
8.7 billion cu m (2002 est.)
Natural gas - exports:
0 cu m (2002 est.)
Natural gas - imports:
0 cu m (2003 est.)
Natural gas - proved reserves:
1.548 trillion cu m (2004)
Current account balance:
$12.04 billion (2004 est.)
Exports:
$27.42 billion f.o.b. (2004 est.)
Exports - commodities:
oil and refined products, fertilizers
Exports - partners:
Japan 20.5%, South Korea 13.7%, US 12.4%, Singapore 11.3%, Taiwan 9.9% (2004)
Imports:
$11.12 billion f.o.b. (2004 est.)
Imports - commodities:
food, construction materials, vehicles and parts, clothing
Imports - partners:
US 12.9%, Germany 11.9%, Japan 7.9%, UK 5.5%, Saudi Arabia 5.5%, Italy 5%, France 4.5%, China 4.1% (2004)
Reserves of foreign exchange and gold:
$7.333 billion (2004 est.)
Debt - external:
$15.02 billion (2004 est.)
Economic aid - donor:
NA (2001)
Currency (code):
Kuwaiti dinar (KWD)
Exchange rates:
Kuwaiti dinars per US dollar - 0.2947 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000)
Fiscal year:
1 April - 31 March
