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Kuwait Economy 1996

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.

National product:

GDP - purchasing power parity - $30.7 billion (1994 est.)

National product real growth rate:

9.3% (1994 est.)

National product per capita:

$16,900 (1994 est.)

Inflation rate (consumer prices):

3% (1993)

Unemployment rate:

NEGL% (1992 est.)

Budget:

revenues:

$9 billion

expenditures:

$13 billion, including capital expenditures of $NA (FY92/93)

Exports:

$10.5 billion (f.o.b., 1993)

commodities:

oil

partners:

France 16%, Italy 15%, Japan 12%, UK 11%

Imports:

$6.6 billion (f.o.b., 1993)

commodities:

food, construction materials, vehicles and parts, clothing

partners:

US 35%, Japan 12%, UK 9%, Canada 9%

External debt:

$7.2 billion (December 1989 est.)

note:

external debt has grown substantially in 1991 and 1992 to pay for restoration of war damage

Industrial production:

growth rate NA%; accounts for NA% of GDP

Electricity:

capacity:

7,070,000 kW

production:

11 billion kWh

consumption per capita:

6,007 kWh (1993)

Industries:

petroleum, petrochemicals, desalination, food processing, building materials, salt, construction

Agriculture:

practically none; extensive fishing in territorial waters and Indian Ocean

Economic aid:

donor:

pledged bilateral aid to less developed countries (1979-89), $18.3 billion

Currency:

1 Kuwaiti dinar (KD) = 1,000 fils

Exchange rates:

Kuwaiti dinars (KD) per US$1 - 0.2991 (January 1995), 0.2976 (1994), 0.3017 (1993), 0.2934 (1992), 0.2843 (1991), 0.2915 (1990)

Fiscal year:

1 July - 30 June

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