Economy of Kuwait
The economy of Kuwait is a wealthy petroleum-based economy. Kuwait is one of the richest countries in the world. The Kuwaiti dinar is the highest-valued unit of currency in the world. According to the World Bank, Kuwait is the fifth richest country in the world by gross national income per capita.
Kuwait City skyline | |
| Currency | Kuwaiti dinar (KWD) |
|---|---|
| 1 April – 31 March | |
Trade organisations | WTO, OPEC and GCC |
Country group |
|
| Statistics | |
| Population | 4,793,195(2023) |
| GDP |
|
GDP growth |
|
GDP per capita |
|
GDP by sector | agriculture (0.4%), industry (58.7%), services (40.9%) (2017 est.) |
| 0.579% (2018) | |
| Unemployment | 5.2% |
Main industries | petroleum, petrochemicals, steelmaking, cement, shipbuilding and repair, desalination, food processing, construction materials |
| External | |
| Exports | $40.16 billion (2020 est.) |
Export goods | oil and refined products, acyclic alcohols, motor cars and other motor vehicles, lightvessels, floating cranes, floating docks, dredgers. |
Main export partners | India(+) 1.6% UAE(+) 1.1% Iraq(+) 0.9% Saudi Arabia(+) 0.8% (2020 est.) |
| Imports | $28.34 billion (2020 est.) |
Import goods | food, construction materials, vehicles and parts, clothing |
Main import partners | China(-) 16.7% United States(+) 8.7% UAE(+) 8.6% Japan(+) 5.9% (2020 est.) |
Gross external debt | $48.91 billion (31 December 2017 est.) |
| Public finances | |
Government debt | 13.74 (2021 est.) |
| Revenues | $24.97 billion (2020 est.) |
| Expenses | $71.58 billion (2020 est.) |
| Economic aid | N/A |
Credit rating | Standard & Poor's: AA- (Domestic) AA- (Foreign) AA+ (T&C Assessment) Outlook: Stable Moody's: Aa2 Outlook: Stable Fitch: AA Outlook: Stable |
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