The CIA World Factbook Every edition, 1990 to 2025 Middle East
Economic overview Kuwait, in 36 editions.
The entry for Kuwait published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 28 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 28
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Same as 2024Published as “Overview”
The oil sector dominates the economy. Of the countries in the Middle East, Kuwait has oil reserves second only to those of Saudi Arabia. Earnings from hydrocarbons generate over 90% of both export and government revenues and contribute about 40% to GDP. Most of the nonoil sector is dependent upon oil-derived government revenues to provide infrastructure development and to promote limited industrial diversification. The economy is heavily dependent upon foreign labor--Kuwaitis account for less than 20% of the labor force. The early years of the Iran-Iraq war pushed Kuwait's GDP well below its 1980 peak; however, during the period 1986-88, GDP increased each year, rising to 5% in 1988.
The oil sector dominates the economy. Of the countries in the Middle East, Kuwait has oil reserves second only to those of Saudi Arabia. Earnings from hydrocarbons generate over 90% of both export and government revenues and contribute about 40% to GDP. Most of the nonoil sector is dependent upon oil-derived government revenues to provide infrastructure development and to promote limited industrial diversification. The economy is heavily dependent upon foreign labor--Kuwaitis account for less than 20% of the labor force. The early years of the Iran-Iraq war pushed Kuwait's GDP well below its 1980 peak; however, during the period 1986-88, GDP increased each year, rising to 5% in 1988.
Published as “Overview”
Up to the invasion by Iraq in August 1990, the oil sector had dominated the economy. Kuwait has the third-largest oil reserves in the world after Saudi Arabia and Iraq. Earnings from hydrocarbons generated over 90% of both export and government revenues and contributed about 40% to GDP. Most of the nonoil sector has traditionally been dependent upon oil-derived government revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war has devastated the economy.
Iraq destroyed or damaged more than 80% of Kuwait's 950 operating oil wells, as well as sabotaging key surface facilities. Western firefighters had brought about 140 of the 600 oil well fires and blowouts under control as of early June 1991. It could take two to three years to restore Kuwait's oil production to its prewar level of about 2.0 million barrels per day.
Rewritten: too little of the 1990 text remains to mark the changes.
Up to the invasion by Iraq in August 1990, the oil sector had dominated the economy. Kuwait has the third-largest oil reserves in the world after Saudi Arabia and Iraq. Earnings from hydrocarbons generated over 90% of both export and government revenues and contributed about 40% to GDP. Most of the nonoil sector has traditionally been dependent upon oil-derived government revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war has devastated the economy. Iraq destroyed or damaged more than 80% of Kuwait's 950 operating oil wells, as well as sabotaging key surface facilities. Western firefighters had brought about 140 of the 600 oil well fires and blowouts under control as of early June 1991. It could take two to three years to restore Kuwait's oil production to its prewar level of about 2.0 million barrels per day.
Published as “Overview”
Up to the invasion by Iraq in August 1990, the oil sector had dominated the economy. Kuwait has the third-largest oil reserves in the world after Saudi Arabia and Iraq. Earnings from hydrocarbons have generated over 90% of both export and government revenues and contributed about 40% to GDP. Most of the nonoil sector has traditionally been dependent upon oil-derived government revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war has devastated the economy.
Iraq destroyed or damaged more than 80% of Kuwait's 950 operating oil wells, as well as sabotaged key surface facilities. Firefighters brought all of the roughly 750 oil well fires and blowouts under control by November 1991. By yearend, production had been brought back to 400,000 barrels per day; it could take two to three years to restore Kuwait's oil production to its prewar level of about 2.0 million barrels per day. Meanwhile, population had been greatly reduced because of the war, from 2.1 million to 1.4 million.
Up to the invasion by Iraq in August 1990, the oil sector had dominated the
economy. Kuwait has the third-largest oil reserves in the world after Saudi
Arabia and Iraq. Earnings from hydrocarbons have generated over 90% of both
export and government revenues and contributed about 40% to GDP. Most of the
nonoil sector has traditionally been dependent upon oil-derived government
revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war
has devastated the economy. Iraq destroyed or damaged more than 80% of
Kuwait's 950 operating oil wells, as well as sabotaging sabotaged key surface
facilities. Western firefighters had Firefighters brought about 140 all of the 600 roughly 750 oil well fires and
blowouts under control as of early June by November 1991. It By yearend, production had been
brought back to 400,000 barrels per day; it could take two to three years to
restore Kuwait's oil production to its prewar level of about 2.0 million
barrels per day. Meanwhile, population had been greatly reduced because of
the war, from 2.1 million to 1.4 million.
Published as “Overview”
Kuwait is a small and relatively open economy with proven crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait is rebuilding its war-ravaged petroleum sector and the increase in crude oil production to nearly 2.0 million barrels per day by the end of 1992 led to an enormous increase in GDP for the year. The government ran a cumulative fiscal deficit of approximately $70 billion over its last two fiscal years, reducing its foreign asset position and increasing its public debt to roughly $40 billion. Petroleum accounts for nearly half of GDP and over 90% of export and government revenue.
Rewritten: too little of the 1992 text remains to mark the changes.
Kuwait is a small and relatively open economy with proven crude oil reserves
of about 94 billion barrels - 10% of world reserves. Kuwait is rebuilding
its war-ravaged petroleum sector and the increase in crude oil production to
nearly 2.0 million barrels per day by the end of 1992 led to an enormous
increase in GDP for the year. The government ran a cumulative fiscal deficit
of approximately $70 billion over its last two fiscal years, reducing its
foreign asset position and increasing its public debt to roughly $40
billion. Petroleum accounts for nearly half of GDP and over 90% of export
and government revenue.
Published as “Overview”
Kuwait is a small and relatively open economy with proven crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production reached at least 2.0 million barrels per day by the end of 1993. The government ran a sizable fiscal deficit in 1993. Petroleum accounts for nearly half of GDP and 90% of export and government revenues.
Kuwait is a small and relatively open economy with proven crude oil reserves
reserves of about 94 billion barrels - 10% of world reserves. Kuwait is rebuilding
has rebuilt its war-ravaged petroleum sector and the increase in sector; its crude oil production tonearly reached at least 2.0 million barrels per day by the end of 1992 led to an enormous 1993. The
increase in GDP for the year.
government ran a cumulative sizable fiscal deficit
of approximately $70 billion over its last two fiscal years, reducing its
foreign asset position and increasing its public debt to roughly $40
billion.
for nearly half of GDP and over 90% of exportrevenue. revenues.
Published as “Overview”
Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production reached at least 2.0 million barrels per day by the end of 1993. The government ran a sizable fiscal deficit in 1993. Petroleum accounts for nearly half of GDP and 90% of export and government revenues. Kuwait lacks water and has practically no arable land, thus preventing development of agriculture.
With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Because of its high per capita income, comparable with Western European incomes, Kuwait provides its citizens with extensive health, educational, and retirement benefits. Per capita military expenditures are among the highest in the world. The economy improved moderately in 1994, with the growth in industry and finance, and should see further gains in 1995, especially if oil prices go up. The World Bank has urged Kuwait to push ahead with privatization, including in the oil industry, but the government will move slowly on this front.
Rewritten: too little of the 1994 text remains to mark the changes.
Kuwait is a small and relatively open economy with proved
crude oil reserves of about 94 billion barrels - 10% of world
reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its
crude oil production reached at least 2.0 million barrels per day by
the end of 1993. The government ran a sizable fiscal deficit in 1993.
Petroleum accounts for nearly half of GDP and 90% of export and
government revenues. Kuwait lacks water and has practically no arable
land, thus preventing development of agriculture. With the exception
of fish, it depends almost wholly on food imports. About 75% of
potable water must be distilled or imported. Because of its high per
capita income, comparable with Western European incomes, Kuwait
provides its citizens with extensive health, educational, and
retirement benefits. Per capita military expenditures are among the
highest in the world. The economy improved moderately in 1994, with
the growth in industry and finance, and should see further gains in
1995, especially if oil prices go up. The World Bank has urged Kuwait
to push ahead with privatization, including in the oil industry, but
the government will move slowly on this front.
Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2.0 million barrels per day in 1994. The government continues to record large fiscal deficits. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 70% of government income. Kuwait lacks water and has practically no arable land, thus preventing development of agriculture.
With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Because of its high per capita income, comparable with Western European incomes, Kuwait provides its citizens with extensive health, educational, and retirement benefits. Per capita military expenditures are among the highest in the world. The economy improved moderately in 1994-95, with the growth in industry and finance. The World Bank has urged Kuwait to push ahead with privatization, including in the oil industry, but the government will move slowly on this front.
Kuwait is a small and relatively open economy
with provedworld
world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its
its crude oil production reached at least averaged 2.0 million barrels per day by inthe end of 1993. 1994. The government ran a sizable continues to record large fiscal deficit in 1993. deficits.
Petroleum accounts for nearly half of GDP and GDP, 90% of export and revenues,
and 70% of government revenues. income. Kuwait lacks water and has practically
no arableexception
exception of fish, it depends almost wholly on food imports. About
75% of
high perKuwait
Kuwait provides its citizens with extensive health, educational, and
retirement benefits. Per capita military expenditures are among the
highest in the world. The economy improved moderately in 1994, with 1994-95,
with the growth in industry and finance, and should see further gains in finance. The World Bank has urged
1995, especially if oil prices go up.Kuwait
Kuwait to push ahead with privatization, including in the oil
industry, but
Published as “Economy - overview”
Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2 million barrels per day in 1996. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. Kuwait lacks water and has practically no arable land, thus preventing development of agriculture.
With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Because of its high per capita income, comparable with Western European incomes, Kuwait provides its citizens with extensive health, educational, and retirement benefits. The bulk of the work force is non-Kuwaiti, living at a considerably lower level. Per capita military expenditures are among the highest in the world.
The economy improved moderately in 1994-96, with the growth in industry and finance. The World Bank has urged Kuwait to push ahead with privatization, including in the oil industry, but the government will move slowly on opening the petroleum sector.
Kuwait is a small and relatively open economy
proved crude oil reserves of about 94 billion barrels - 10% of
reserves. Kuwait has rebuilt its war-ravaged petroleum sector;
crude oil production averaged 2.0 2 million barrels per day in
1994. The government continues to record large fiscal deficits.
Petroleum accounts for nearly half of GDP, 90% of export revenues,70%
75% of government income. Kuwait lacks water and has practically
arable land, thus preventing development of agriculture. With the
exception of fish, it depends almost wholly on food imports. About
of potable water must be distilled or imported. Because of its
per capita income, comparable with Western European incomes,
provides its citizens with extensive health, educational, and
retirement benefits. The bulk of the work force is non-Kuwaiti, living
at a considerably lower level. Per capita military expenditures are
among the1994-95,
1994-96, with the growth in industry and finance. The World Bank has urged
urged Kuwait to push ahead with privatization, including in the oil
industry, but the government will move slowly on this front. opening the petroleum
sector.
Published as “Economy-overview”
Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels-10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2 million barrels per day in 1996. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. Kuwait lacks water and has practically no arable land, thus preventing development of agriculture.
With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Because of its high per capita income, Kuwait provides its citizens with extensive health, educational, and retirement benefits. The bulk of the work force is non-Kuwaiti, living at a considerably lower level. Per capita military expenditures are among the highest in the world. The economy improved moderately in 1994-97, with the growth in industry and finance. The World Bank has urged Kuwait to push ahead with privatization, including in the oil industry, but the government will move slowly on opening the petroleum sector.
Kuwait is a small and relatively open economy with
proved crude oil reserves of about 94 billion barrels - 10% barrels-10% of world
reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its
crude oil production averaged 2 million barrels per day in 1996.
Petroleum accounts for nearly half of GDP, 90% of export revenues, and
75% of government income. Kuwait lacks water and has practically no
arable land, thus preventing development of agriculture. With the
exception of fish, it depends almost wholly on food imports. About 75%
of potable water must be distilled or imported. Because of its high
per capita income, comparable with Western European incomes, Kuwait
educational, and
non-Kuwaiti, living
expenditures are
moderately in
1994-96,
World Bank has
including in the oil
opening the petroleum
Published as “Economy--overview”
Kuwait is a small and 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 lacks water and has practically no arable land, thus preventing development of agriculture. With the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported.
The economy improved moderately in 1994-97, but in 1998 suffered from the large decline in world oil prices. The Kuwaiti cabinet approved a reform package in January 1999, including reducing subsidies and increasing taxes on large consumer goods. Nevertheless, Kuwait anticipates continuing budget deficits for the next few years. Kuwait is attracting foreign oil companies to develop fields in the northern part of the country.
Kuwait is a small and relatively open economy with
with proved crude oil reserves of about 94 billion barrels-10% barrels--10% of world
world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; itsPetroleum accounts for nearly half of GDP, 90% of
crude oil production averaged 2 million barrels per day in 1996.
export revenues, and
and has practically no
agriculture. With the
food imports. About 75%imported. Because of its highper capita income, Kuwait provides its citizens with extensive health, imported. The economy improved
educational, and retirement benefits. The bulk of the work force is
non-Kuwaiti, living at a considerably lower level. Per capita military
expenditures are among the highest in the world.with but in 1998
suffered from the growth large decline in industry and finance. world oil prices. The KuwaitiWorld Bank has urged cabinet approved a reform package in January 1999, including
reducing subsidies and increasing taxes on large consumer goods.
Nevertheless, Kuwait anticipates continuing budget deficits for the
next few years. Kuwait is attracting foreign oil companies to push ahead with privatization,including develop fields in the oil industry, but the government will move slowly on northern part of the
openingpetroleum sector. country.
Published as “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 lacks water and has practically no arable land, thus preventing development of agriculture. 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 reduced the budget deficit from $5.5 billion to $3 billion in 1999, and prices are expected to remain relatively strong throughout 2000. The government is proceeding slowly with reforms. It inaugurated Kuwait's first free-trade zone in 1999 and will continue discussions with foreign oil companies to develop fields in the northern part of the country.
Kuwait is a small and small, relatively open economybarrels--10% barrels - 10% ofThe economy improved moderately in 1994-97, but in 1998 Higher oil
suffered from the large decline in worldprices. The Kuwaiti prices reduced the budget deficit from $5.5 billion to $3 billion in
cabinet approved a reform packageJanuary 1999, including and
reducing subsidiesincreasing taxes on large consumer goods. prices are expected to remain relatively strong throughout 2000. The government is
Nevertheless, Kuwait anticipates continuing budget deficits for the
next few years. Kuwaitattracting proceeding slowly with reforms. It inaugurated Kuwait's first free-trade zone in 1999 and will continue discussions with foreign oil companies to
Published as “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.
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 lacks water and has practically no arable land, thus preventing development of agriculture. With 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 reduced put the FY99/00 budget deficit from $5.5 billion to $3 into a $2 billion in 1999, and prices are expected to remain relatively strong throughout 2000. surplus. The government is proceeding slowly with reforms. It inaugurated Kuwait's first free-trade zone FY00/01 budget covers only nine months because of a change in 1999 the fiscal year. The budget for FY01/02, which begins 1 April, contains higher expenditures for salaries, construction, and will continue other general categories. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of 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 envisioned 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.
Kuwait is a small, rich, 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 FY01/02 envisioned 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.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. Oil production declined by an estimated 8% in 2002 but is expected to return to the 2001 level in 2003.
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of 94 about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% 95% of export revenues, and 75% 80% 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 envisioned 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. Oil production declined by an estimated 8% in 2002 but is expected to return to the 2001 level in 2003.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. Oil production declined by an estimated 8% in 2002 but is expected to return to the 2001 level in 2003.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Kuwait is a small, rich, relatively open economy with proved self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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.
Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives.
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives.
Despite its vast oil reserves, Kuwait experienced power outages during the summer months in 2006 and 2007 because demand exceeded power generating capacity. Power outages are likely to worsen, given its high population growth rates, unless the government can increase generating capacity. In May 2007 Kuwait changed its currency peg from the US dollar to a basket of currencies in order to curb inflation and to reduce its vulnerability to external shocks.
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 104 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives. Despite its vast oil reserves, Kuwait experienced power outages during the summer months in 2006 and 2007 because demand exceeded power generating capacity. Power outages are likely to worsen, given its high population growth rates, unless the government can increase generating capacity. In May 2007 Kuwait changed its currency peg from the US dollar to a basket of currencies in order to curb inflation and to reduce its vulnerability to external shocks.
Published as “Economy - overview”
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the government did not push through new initiatives.
The drop in oil prices in late 2008 will reduce Kuwait's fiscal surplus in 2009. The global financial crisis may slow the pace of investment and development projects, but Kuwait has vowed to use its considerable financial resources to stabilize the economy if necessary.
Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 10% 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. High Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in recent years have helped build Kuwait's 2008 posted its tenth consecutive budget and trade surpluses and foreign reserves. surplus. As a result of this positive fiscal situation, the need for economic reforms is was less urgent and the government has did not earnestly pushed push through new initiatives. Despite its vast The drop in oil reserves, Kuwait experienced power outages during the summer months prices in 2006 and 2007 because demand exceeded power generating capacity. Power outages are likely to worsen, given its high population growth rates, unless the government can increase generating capacity. In May 2007 Kuwait changed its currency peg from late 2008 will reduce Kuwait's fiscal surplus in 2009. The global financial crisis may slow the US dollar to a basket pace of currencies in order to curb inflation investment and development projects, but Kuwait has vowed to reduce use its vulnerability considerable financial resources to external shocks. stabilize the economy if necessary.
The same text in 2010 and 2011.
Published as “Economy - overview”
Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 is reviving government consumption and economic growth as Kuwait experiences a 20% increase in government budget revenue.
Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. Nonetheless, the government in May 2010 passed a privatization bill that allows the government to sell assets to private investors, and in January passed an economic development plan that pledges to spend up to $130 billion in five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. Increasing government expenditures by so large an amount during the planned time frame may be difficult to accomplish.
Rewritten: too little of the 2009 text remains to mark the changes.
Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 is reviving government consumption and economic growth as Kuwait experiences a 20% increase in government budget revenue. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. Nonetheless, the government in May 2010 passed a privatization bill that allows the government to sell assets to private investors, and in January passed an economic development plan that pledges to spend up to $130 billion in five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. Increasing government expenditures by so large an amount during the planned time frame may be difficult to accomplish.
The same text in 2012 and 2013.
Published as “Economy - overview”
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth.
Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms.
In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 2011 and 2012 is reviving government consumption and economic growth as growth. Kuwait experiences has experienced a 20% increase in government budget revenue. revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. Nonetheless, the government in May 2010 passed a privatization bill that allows the government to sell assets to private investors, and in January In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion in over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. Increasing government expenditures by so large an amount during the planned time frame may be difficult to accomplish.
Published as “Economy - overview”
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. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund.
Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much of these funds have yet to be allocated.
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. employees, as well as increased allotments to Kuwait’s Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. economy, though much of these funds have yet to be allocated.
Published as “Economy - overview”
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.
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. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed plan to increasing increase oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% Petroleum accounts for over half of GDP, which has led to higher 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 many public sector employees, as well as increased allotments to 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 Fund. Generations. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the a poor business climate and the historically an acrimonious relationship between the National Assembly and the executive branch, which branch that has stymied most movement on economic reforms. In 2010, Kuwait passed an its first long-term economic development plan that pledges in almost twenty-five years. While the government planned to spend up to $130 $104 billion over five four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much many of these funds have yet to be allocated. the projects did not materialize because of the uncertain political situation.
Published as “Economy - overview”
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 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices. Kuwaiti authorities have tried to reduce the deficit by decreasing spending on subsidies for the local population, but with limited success. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that crowds out private employment of Kuwaiti nationals, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010.
While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation.
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% 90% of government income. For
In 2015, Kuwait, for the last decade, first time in 15 years, realized a budget deficit after decades of high oil prices prices. Kuwaiti authorities have generated budget surpluses despite increasing budget expenditures, particularly tried to reduce the deficit by decreasing spending on wage hikes subsidies for public sector employees. the local population, but with limited success. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices prices, by continuous saving of annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has done little failed to diversify its economy, in part, due to economy or bolster the private sector, because of a poor business climate climate, a large public sector that crowds out private employment of Kuwaiti nationals, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed The Kuwaiti Government has made little progress on its first long-term economic development plan first passed in almost twenty-five years. 2010. While the government planned to spend up to $104 billion over four years to diversify the economy away from oil, economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the an uncertain political situation.
Published as “Economy - overview”
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 76% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts.
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 of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 94% 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices. prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities have tried announced cuts to reduce the deficit by decreasing spending on fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the local population, but with limited success. seventh time in ten years. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that crowds out private employment employs about 76% of Kuwaiti nationals, citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation. situation or delays in awarding contracts.
The same text in 2018 and 2019.
Published as “Economy - overview”
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years.
In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations. Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms.
The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait,in 15 years, realized more than a budget deficit after decades of high oil prices; decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.76% 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years.
In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations. Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms.
The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations. Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
The same text in 2021 and 2022.
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds.
Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
The same text in 3 editions, 2023 to 2025.
- 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
Rewritten: too little of the 2022 text remains to mark the changes.
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
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Cite this page
Central Intelligence Agency. “Kuwait: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/kuwait/economic-overview.