About Kuwait and Key Financial Statistics

About Kuwait and Key Financial Statistics

Overview of Economy:

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the uncertain political situation.

Gross Domestic Product (In USD):

$282.6 billion (2014 est.)

$282.3 billion (2013 est.)

$280 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 0.4

% Industry: 60.6

% Services: 39

Composition of Labor Force by Occupation:

% Agriculture: NA%

% Industry: NA%

% Services: NA%

Per Capita Income:

$70,700 (2014 est.)

$70,600 (2013 est.)

$70,000 (2012 est.)

Exports:

$103.4 billion (2014 est.)

$115.9 billion (2013 est.)

Key Export Commodities:

oil and refined products, fertilizers

Export Partners:

South Korea 16.7%, India 14.9%, Japan 12.3%, US 11.3%, China 9.9% (2014)

Imports:

$27.38 billion (2014 est.)

$25.66 billion (2013 est.)

Key Import Commodities:

food, construction materials, vehicles and parts, clothing

Import Partners:

US 12.7%, China 11.9%, Saudi Arabia 7.1%, South Korea 6.9%, Japan 6.6%, Germany 4.8%, India 4.2% (2014)

Inflation Rate (Consumer Price Index):

2.9% (2014 est.)

2.7% (2013 est.)

Exchange Rate to USD:

Kuwaiti dinars (KD) per US dollar -

0.2845 (2014 est.)

0.2845 (2013 est.)

0.28 (2012 est.)

0.276 (2011 est.)

0.2866 (2010 est.)

Unemployment Rate:

3% (2014 est.)

3% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings