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.
$165.8 billion (2013 est.)
country comparison to the world: 61
$159.6 billion (2012 est.)
$144.8 billion (2011 est.)
2.3% (2013 est.)
country comparison to the world: 135
8.3% (2012 est.)
10.2% (2011 est.)
$42,100 (2013 est.)
country comparison to the world: 24
$41,800 (2012 est.)
$39,200 (2011 est.)
agriculture: 0.3%
industry: 50.6%
services: 49.1% (2013 est.)
NA%
2.8% (2013 est.)
country comparison to the world: 104
2.9% (2012 est.)
2.38 million
country comparison to the world: 114
note: non-Kuwaitis represent about 60% of the labor force (2013 est.)
agriculture: NA%
industry: NA%
services: NA%
3.4% (2011 est.)
country comparison to the world: 27 2.9% (2010)
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
4.1% (2013 est.)
country comparison to the world: 71
