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| 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.
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| GDP: |
purchasing power parity - $29.3 billion (2000 est.)
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| GDP - real growth rate: |
6% (2000 est.)
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| GDP - per capita: |
purchasing power parity - $15,000 (2000 est.)
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| GDP - composition by sector: |
agriculture:
0%
industry:
55%
services:
45% (1996)
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| Population below poverty line: |
NA%
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| Household income or consumption by percentage share: |
lowest 10%:
NA%
highest 10%:
NA%
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| Inflation rate (consumer prices): |
3% (2000)
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| Labor force: |
1.3 million (1998 est.)
note:
68% of the population in the 15-64 age group is non-national (July 1998 est.)
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| Labor force - by occupation: |
agriculture NA%, industry NA%, services NA%
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| Unemployment rate: |
1.8% (official 1996 est.)
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| Budget: |
revenues:
$11.5 billion
expenditures:
$17.2 billion, including capital expenditures of $NA (FY01/02)
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| Industries: |
petroleum, petrochemicals, desalination, food processing, construction materials
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| Industrial production growth rate: |
1% (1997 est.)
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| Electricity - production: |
31.567 billion kWh (1999)
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| Electricity - production by source: |
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)
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| Electricity - consumption: |
29.357 billion kWh (1999)
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| Electricity - exports: |
0 kWh (1999)
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| Electricity - imports: |
0 kWh (1999)
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| Agriculture - products: |
practically no crops; fish
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| Exports: |
$23.2 billion (f.o.b., 2000 est.)
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| Exports - commodities: |
oil and refined products, fertilizers
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| Exports - partners: |
Japan 23%, US 12%, Singapore 8%, Netherlands 7% (1999)
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| Imports: |
$7.6 billion (f.o.b., 2000 est.)
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| Imports - commodities: |
food, construction materials, vehicles and parts, clothing
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| Imports - partners: |
US 15%, Japan 10%, UK 7%, Germany 7% (1999)
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| Debt - external: |
$6.9 billion (2000 est.)
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| Economic aid - recipient: |
$27.6 million (1995)
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| Currency: |
Kuwaiti dinar (KWD)
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| 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)
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| Fiscal year: |
1 April - 31 March
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