Kuwait - Economy
How is the economy of Kuwait? Based on the information we have, Kuwait has a small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program. Key agricultural products in this country include: tomatoes, dates, cucumbers/gherkins, eggs, milk, chicken, lamb/mutton, vegetables, potatoes, eggplants (2022).
More about the economy of Kuwait
| Labor force | 2.463 million (2023 est.) |
|---|---|
| Industrial production growth rate | 8.05% (2022 est.) |
| Industries | petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials |
| Population below poverty line | |
| Taxes and other revenues | 41.8% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Kuwaiti dinars (KD) per US dollar - |
| Exchange rates 2023 | 0.307 (2023 est.) |
| Exchange rates 2022 | 0.306 (2022 est.) |
| Exchange rates 2021 | 0.302 (2021 est.) |
| Exchange rates 2020 | 0.306 (2020 est.) |
| Exchange rates 2019 | 0.304 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $47.24 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $38.34 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $52.619 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $52.462 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $49.525 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $51.396 billion (2023 est.) |
| Current account balance 2022 | $63.078 billion (2022 est.) |
| Current account balance 2021 | $34.943 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 20.6% of GDP (2017 est.) |
| Budget | |
| Revenues | $77.988 billion (2019 est.) |
| Expenditures | $72.03 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.01% of GDP (2023 est.) |
| Remittances 2022 | 0.01% of GDP (2022 est.) |
| Remittances 2021 | 0.57% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 19.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $63.43 billion (2023 est.) |
| Imports 2022 | $55.909 billion (2022 est.) |
| Imports 2021 | $48.954 billion (2021 est.) |
| Imports (partners) | UAE 20%, China 16%, Saudi Arabia 9%, US 7%, Japan 4% (2022) |
| Comodities Imports force | cars, gold, jewelry, garments, packaged medicine (2022) |
| Exports | |
| Imports 2023 | $63.43 billion (2023 est.) |
| Imports 2022 | $55.909 billion (2022 est.) |
| Imports 2021 | $48.954 billion (2021 est.) |
| Exports (partners) | China 24%, India 15%, South Korea 11%, Japan 9%, Taiwan 7% (2022) |
| Comodities Exports force | crude petroleum, refined petroleum, hydrocarbons, natural gas, acyclic alcohols (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $219.06 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $224.057 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $211.099 billion (2021 est.) |
| GDP (official exchange rate) | $161.772 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $50,800 (2023 est.) |
| Real GDP per capita 2022 | $52,500 (2022 est.) |
| Real GDP per capita 2021 | $49,700 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.4% (2017 est.) |
| Industry | 58.7% (2017 est.) |
| Services | 40.9% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 43.1% (2017 est.) |
| Government consumption | 24.5% (2017 est.) |
| Investment in fixed capital | 26.5% (2017 est.) |
| Investment in inventories | 3.5% (2017 est.) |
| Exports of goods and services | 49.4% (2017 est.) |
| Imports of goods and services | -47% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.08% (2023 est.) |
| Unemployment rate 2022 | 2.12% (2022 est.) |
| Unemployment rate 2021 | 3% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15% (2023 est.) |
| Male | 9.1% (2023 est.) |
| Female | 29% (2023 est.) |
All Important Facts about Kuwait
Want to know more about Kuwait? Check all different factbooks for Kuwait below.
