Kuwait Economy - 2004

Economy - overview:
Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 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 - $39.54 billion (2003 est.)

GDP - real growth rate:
4.4% (2003 est.)

GDP - per capita:
purchasing power parity - $18,100 (2003 est.)

GDP - composition by sector:
agriculture: 0.5%
industry: 63.3%
services: 36.2% (2001)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
1.2% (2003 est.)

Labor force:
1.3 million
note: non-Kuwaitis represent about 80% of the labor force. (1998 est.)

Labor force - by occupation:
agriculture NA%, industries NA%, services NA%

Unemployment rate:
7% (2002 est.)

Budget:
revenues: $11 billion
expenditures: $19.5 billion, including capital expenditures of $NA (FY03/04)

Industries:
petroleum, petrochemicals, desalination, food processing, construction materials

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

Electricity - production:
31.49 billion kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
29.29 billion kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
2.27 million bbl/day (2003 est.)

Oil - consumption:
293,000 bbl/day (2003 est.)

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

Oil - imports:
NA

Oil - proved reserves:
97.68 billion bbl (1 January 2002)

Natural gas - production:
8.7 billion cu m (2002 est.)

Natural gas - consumption:
8.7 billion cu m (2002 est.)

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

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

Natural gas - proved reserves:
1.548 trillion cu m (1 January 2002)

Agriculture - products:
practically no crops; fish

Exports:
$22.29 billion f.o.b. (2003 est.)

Exports - commodities:
oil and refined products, fertilizers

Exports - partners:
Japan 24.1%, South Korea 12.8%, US 11.8%, Singapore 10%, Taiwan 7.4%, Netherlands 4.4%, Pakistan 4.3% (2002)

Imports:
$9.606 billion f.o.b. (2003 est.)

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

Imports - partners:
US 12.8%, Japan 10.9%, Germany 9.7%, Saudi Arabia 6.4%, UK 5.9%, Italy 5.3%, France 5.1% (2002)

Debt - external:
$11.2 billion (2003 est.)

Economic aid - recipient:
$NA (2001)

Currency:
Kuwaiti dinar (KD)

Currency code:
KWD

Exchange rates:
Kuwaiti dinars per US dollar - 0.3 (2003), 0.3 (2002), 0.31 (2001), 0.31 (2000), 0.3 (1999)