Kuwait Economy 2001

Economy - overview: Kuwait is a small, relatively open economy with proved crude oil reserves of about 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, which begins 1 April, contains 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 - $29.3 billion (2000 est.)

GDP - real growth rate: 6% (2000 est.)

GDP - per capita: purchasing power parity - $15,000 (2000 est.)

GDP - composition by sector:
agriculture: 0%
industry: 55%
services: 45% (1996)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 3% (2000)

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: 31.567 billion kWh (1999)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 29.357 billion kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: practically no crops; fish

Exports: $23.2 billion (f.o.b., 2000 est.)

Exports - commodities: oil and refined products, fertilizers

Exports - partners: Japan 23%, US 12%, Singapore 8%, Netherlands 7% (1999)

Imports: $7.6 billion (f.o.b., 2000 est.)

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

Imports - partners: US 15%, Japan 10%, UK 7%, Germany 7% (1999)

Debt - external: $6.9 billion (2000 est.)

Economic aid - recipient: $27.6 million (1995)

Currency: Kuwaiti dinar (KWD)

Currency code: KWD

Exchange rates: Kuwaiti dinars per US dollar - 0.3057 (January 2001), 0.3067 (2000), 0.3044 (1999), 0.3047 (1998), 0.3033 (1997), 0.2994 (1996)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Kuwait on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kuwait Economy 2001 information contained here. All suggestions for corrections of any errors about Kuwait Economy 2001 should be addressed to the CIA.