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KUWAIT ECONOMY

Kuwait Economy
Kuwait’s main exports were pearls and hides but after the Exploration of oil Kuwait becomes the major Exporter of crude oil, Kuwait is geographically small but wealthy country with a relatively open economy and self-reported crude oil reserves of nearly 105 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 (bpd) by 2020. Due to a budget surplus generated from oil prices, Kuwait survived the economic crisis that began in 2008, and in 2009 it posted its eleventh consecutive budget surplus. Kuwait has done little to diversify and reform its economy, in part because of this positive fiscal situation, but also due to the poor business climate. In addition, the acrimonious relationship between the National Assembly and the executive branch has stymied most movement on economic reforms. Nonetheless, in 2009 the government passed an economic development plan that pledged to spend up to $104 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. There is speculation whether such an increase in spending over the planned time frame is even possible.

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KUWAIT ECONOMY

 

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The Kuwait National Assembly passed a law on December 26, 2007, amending the Income Tax Decree No. 3 of 1955 and setting taxes at a flat rate of 15%. The tax rate previous ranged from 0% to 55%.
GDP (official exchange rate, 2010 est.): $150 billion.
Real GDP growth rate (2010 est.): 3.7%.
Natural resources: Oil, natural gas, fish.
Agriculture (about 0.3% of GDP): With the exception of fish, most food is imported. Cultivated land--1%.
Industry (about 48.3% of GDP): Types--petroleum extraction and refining, fertilizer, chemicals, desalination, construction materials.
Services (about 51.4% of GDP): public administration, finance, real estate, trade, hotels, and restaurants.
Trade (2010 est.): Exports--$63.27 billion f.o.b.: oil (93%). Major markets--Japan 18.4%, South Korea 14.6%, India 11.5%, U.S. 8.9%, Singapore 7.9%, China 6.1%. Imports--$21.61 billion f.o.b.: food, construction materials, vehicles and parts, clothing. Major suppliers--U.S. 11.9%, Japan 9.2%, Germany 8.1%, China 7.6%, Saudi Arabia 7%, Italy 4.8%, U.K. 4.2% (2008 est.).

 
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