Countries
Kuwait
Key Economic Indicators
$256.83 billion
$52,444
-2.56%
2.9%
2.18%
$160.227 billion (2024 est.)
9.9% of GDP (2016 est.)
$46.7 billion
Economic Overview
small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program
All Economic Data
Agricultural products
dates, eggs, milk, tomatoes, chicken, lamb/mutton, cucumbers/gherkins, vegetables, maize, eggplants (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
0.2% of household expenditures (2023 est.)
On food:
19.2% of household expenditures (2023 est.)
Budget
Expenditures:
$59.584 billion (2015 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants and social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$44.254 billion (2015 est.)
Currency
code:
KWD
name:
Kuwaiti dinar (KWD) [د.ك]
Current account balance
$46.7 billion
Current account balance 2022:
$63.078 billion (2022 est.)
Current account balance 2023:
$51.396 billion (2023 est.)
Current account balance 2024:
$46.703 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Kuwaiti dinars (KD) per US dollar -
Exchange rates 2020:
0.306 (2020 est.)
Exchange rates 2021:
0.302 (2021 est.)
Exchange rates 2022:
0.306 (2022 est.)
Exchange rates 2023:
0.307 (2023 est.)
Exchange rates 2024:
0.307 (2024 est.)
Exports
$95.48 billion
Exports 2022:
$110.923 billion (2022 est.)
Exports 2023:
$95.476 billion (2023 est.)
Exports 2024:
$89.71 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, refined petroleum, natural gas, hydrocarbons, plastics (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 25%, India 13%, Japan 13%, Taiwan 7%, UK 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$614.58 million
GDP - composition, by end use
Exports of goods and services:
60.4% (2022 est.)
Government consumption:
20.7% (2022 est.)
Household consumption:
32.6% (2022 est.)
Imports of goods and services:
-30.5% (2022 est.)
Investment in fixed capital:
16.1% (2022 est.)
Investment in inventories:
0.8% (2022 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
0.5% (2024 est.)
Industry:
57.1% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
55.9% (2024 est.)
GDP (official exchange rate)
$160.227 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$32,718
GNI (gross national income)
$193.31 billion
GNI per capita
$40,770
Gross domestic investment
18 % of GDP
Imports
$63.42 billion
Imports 2022:
$55.909 billion (2022 est.)
Imports 2023:
$63.43 billion (2023 est.)
Imports 2024:
$61.521 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, natural gas, garments, broadcasting equipment, packaged medicine (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 18%, UAE 10%, USA 9%, Saudi Arabia 6%, Japan 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-5.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Inflation rate (consumer prices)
2.9%
Inflation rate (consumer prices) 2022:
4% (2022 est.)
Inflation rate (consumer prices) 2023:
3.6% (2023 est.)
Inflation rate (consumer prices) 2024:
2.9% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.003 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3 million persons
Labor force - by occupation
agriculture:
1.89%
industry:
24.61%
services:
73.5%
Public debt
Public debt 2016:
9.9% of GDP (2016 est.)
Real GDP (purchasing power parity)
$256.83 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$235.815 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$231.884 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$225.947 billion (2024 est.)
Real GDP growth rate
-2.56%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
6.8% (2022 est.)
Real GDP growth rate 2023:
-1.7% (2023 est.)
Real GDP growth rate 2024:
-2.6% (2024 est.)
Real GDP per capita
$52,444
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$51,400 (2022 est.)
Real GDP per capita 2023:
$47,800 (2023 est.)
Real GDP per capita 2024:
$45,400 (2024 est.)
Remittances
$20.39 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0% of GDP (2022 est.)
Remittances 2023:
0% of GDP (2023 est.)
Remittances 2024:
0% of GDP (2024 est.)
Reserves of foreign exchange and gold
$50.73 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$52.462 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$52.619 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$50.728 billion (2024 est.)
Unemployment rate
2.18%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
2.2% (2022 est.)
Unemployment rate 2023:
2.2% (2023 est.)
Unemployment rate 2024:
2.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
28.9% (2024 est.)
Male:
9.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
15.4% (2024 est.)
Economic Rankings
GDP per Capita
#39
Reserves
#41
Exports
#47
GDP Growth Rate
#51
GDP (Nominal)
#58
Imports
#59
GDP (PPP)
#73
Unemployment Rate
#164
Inflation Rate
#175
Quick Facts
Industries
petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials
Agricultural products
dates, eggs, milk, tomatoes, chicken, lamb/mutton, cucumbers/gherkins, vegetables, maize, eggplants (2023)
Labor force
3.003 million (2024 est.)
Exports - partners
China 25%, India 13%, Japan 13%, Taiwan 7%, UK 5% (2023)
Imports - partners
China 18%, UAE 10%, USA 9%, Saudi Arabia 6%, Japan 6% (2023)
Exchange rates
Kuwaiti dinars (KD) per US dollar -
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