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: dates, eggs, milk, tomatoes, chicken, lamb/mutton, cucumbers/gherkins, vegetables, maize, eggplants (2023).
More about the economy of Kuwait
| Labor force | 3.003 million (2024 est.) |
|---|---|
| Industrial production growth rate | -5.2% (2024 est.) |
| Industries | petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials |
| Population below poverty line | |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | Kuwaiti dinars (KD) per US dollar - |
| Exchange rates 2024 | 0.307 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $50.728 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $52.619 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $52.462 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $46.703 billion (2024 est.) |
| Current account balance 2023 | $51.396 billion (2023 est.) |
| Current account balance 2022 | $63.078 billion (2022 est.) |
| Public debt | |
| Public debt 2016 | 9.9% of GDP (2016 est.) |
| Budget | |
| Revenues | $44.254 billion (2015 est.) |
| Expenditures | $59.584 billion (2015 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0% of GDP (2024 est.) |
| Remittances 2023 | 0% of GDP (2023 est.) |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Average household expenditures | |
| On food | 19.2% of household expenditures (2023 est.) |
| On alcohol and tobacco | 0.2% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $61.521 billion (2024 est.) |
| Imports 2023 | $63.43 billion (2023 est.) |
| Imports 2022 | $55.909 billion (2022 est.) |
| Imports (partners) | China 18%, UAE 10%, USA 9%, Saudi Arabia 6%, Japan 6% (2023) |
| Comodities Imports force | cars, natural gas, garments, broadcasting equipment, packaged medicine (2023) |
| Exports | |
| Imports 2024 | $61.521 billion (2024 est.) |
| Imports 2023 | $63.43 billion (2023 est.) |
| Imports 2022 | $55.909 billion (2022 est.) |
| Exports (partners) | China 25%, India 13%, Japan 13%, Taiwan 7%, UK 5% (2023) |
| Comodities Exports force | crude petroleum, refined petroleum, natural gas, hydrocarbons, plastics (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $225.947 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $231.884 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $235.815 billion (2022 est.) |
| GDP (official exchange rate) | $160.227 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $45,400 (2024 est.) |
| Real GDP per capita 2023 | $47,800 (2023 est.) |
| Real GDP per capita 2022 | $51,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.5% (2024 est.) |
| Industry | 57.1% (2024 est.) |
| Services | 55.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 32.6% (2022 est.) |
| Government consumption | 20.7% (2022 est.) |
| Investment in fixed capital | 16.1% (2022 est.) |
| Investment in inventories | 0.8% (2022 est.) |
| Exports of goods and services | 60.4% (2022 est.) |
| Imports of goods and services | -30.5% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.2% (2024 est.) |
| Unemployment rate 2023 | 2.2% (2023 est.) |
| Unemployment rate 2022 | 2.2% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 15.4% (2024 est.) |
| Male | 9.3% (2024 est.) |
| Female | 28.9% (2024 est.) |
All Important Facts about Kuwait
Want to know more about Kuwait? Check all different factbooks for Kuwait below.
