Economy - overview:
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - about 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 2009 posted its eleventh consecutive budget surplus. Kuwait has done little to diversify and reform its economy, in part, because of this positive fiscal situation, but also because the acrimonious relationship between the National Assembly and the executive branch has stymied most movement on reforms. Nonetheless, the government in 2009 presented to the Assembly for the first time its economic development plan that pledges to spend up to $140 billion in five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. The effects of the global financial crisis on Kuwait's financial sector in late 2008 and early 2009 prompted the government to use its considerable resources to stabilize the economy.

GDP (purchasing power parity):
$150.2 billion (2009 est.)