Short facts about the economy in Kuwait

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

Source: World Factbook