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.

GDP (purchasing power parity):
$53.31 billion (2005 est.)

GDP (official exchange rate):
$55.8 billion (2005 est.)

GDP - real growth rate:
5.6% (2005 est.)

GDP - per capita (PPP):
$22,800 (2005 est.)

GDP - composition by sector:
agriculture: 0.5%
industry: 52.1%
services: 47.4% (2005 est.)

Labor force:
1.67 million
note: non-Kuwaitis represent about 80% of the labor force (2005 est.)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
2.2% (2004 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3.5% (2005 est.)

Investment (gross fixed):
6.6% of GDP (2005 est.)

Budget:
revenues: $47.21 billion
expenditures: $20.77 billion; including capital expenditures of $NA (2005 est.)

Public debt:
17.6% of GDP (2005 est.)

Agriculture - products:
practically no crops; fish

Industries:
petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials

Industrial production growth rate:
-5% (2002 est.)

Electricity - production:
38.19 billion kWh (2003)

Electricity - consumption:
35.52 billion kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
2.418 million bbl/day (2005 est.)

Oil - consumption:
305,000 bbl/day (2003 est.)

Oil - exports:
1.97 million bbl/day (2003)

Oil - imports:
NA bbl/day

Oil - proved reserves:
96.5 billion bbl (2005 est.)

Natural gas - production:
8.3 billion cu m (2003 est.)

Natural gas - consumption:
8.3 billion cu m (2003 est.)

Natural gas - exports:
0 cu m (2002 est.)

Natural gas - imports:
0 cu m (2002 est.)

Natural gas - proved reserves:
1.572 trillion cu m (2005)

Current account balance:
$31.51 billion (2005 est.)

Exports:
$44.43 billion f.o.b. (2005 est.)

Exports - commodities:
oil and refined products, fertilizers

Exports - partners:
Japan 20.5%, South Korea 13.6%, US 12.4%, Singapore 11.2%, Taiwan 9.9% (2004)

Imports:
$12.23 billion f.o.b. (2005 est.)

Imports - commodities:
food, construction materials, vehicles and parts, clothing

Imports - partners:
US 12.9%, Germany 12%, Japan 7.9%, UK 5.6%, Saudi Arabia 5.5%, Italy 5%, France 4.5%, China 4.1% (2004)

Reserves of foreign exchange and gold:
$9.296 billion (2005 est.)

Debt - external:
$14.93 billion (2005 est.)

Economic aid - recipient:
$NA (2001)

Currency (code):
Kuwaiti dinar (KD)

Exchange rates:
Kuwaiti dinars per US dollar - 0.292 (2005), 0.2947 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001)