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.)
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 $44.254 billion (2015 est.)
Expenditures $59.584 billion (2015 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 19.2% of household expenditures (2022 est.)
On alcohol and tobacco 0.1% of household expenditures (2022 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% (2022 est.)
Industry 67% (2022 est.)
Services 43.6% (2022 est.)
GDP - composition, by end use
Household consumption 40.6% (2019 est.)
Government consumption 24.8% (2019 est.)
Investment in fixed capital 24.6% (2019 est.)
Exports of goods and services 52.3% (2019 est.)
Imports of goods and services -44.1% (2019 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.

Kuwait is found in Western Asia