Middle East > Kuwait > Economy

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Agriculture > products practically no crops; fish
Current account balance	$47,500,000,000.00		[8th of 181]
Debt > External	$33,620,000,000.00		[54th of 136]
Economic freedom	2.45		[41st of 156]
Economy > Overview Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. High oil prices in recent years have helped build Kuwait's budget and trade surpluses and foreign reserves. As a result of this positive fiscal situation, the need for economic reforms is less urgent and the government has not earnestly pushed through new initiatives. Despite its vast oil reserves, Kuwait experienced power outages during the summer months in 2006 and 2007 because demand exceeded power generating capacity. Power outages are likely to worsen, given its high population growth rates, unless the government can increase generating capacity. In May 2007 Kuwait changed its currency peg from the US dollar to a basket of currencies in order to curb inflation and to reduce its vulnerability to external shocks.
Exchange rates Kuwaiti dinars per US dollar - 0.2947 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000)
Exports	$63,720,000,000.00		[41st of 189]
Exports to US	$580,600,000.00		[52nd of 224]
GDP	$80,780,820,000.00		[53rd of 203]
GDP (purchasing power parity)	$140,000,000,000.00		[58th of 187]
GDP > PPP	$43,310,000,000.00		[72nd of 163]
GDP > Real growth rate	4.7%		[111st of 198]
GDP growth > annual %	8.5 annual %		[18th of 187]
GDP per capita, PPP > current international $	26,320.67 PPP $		[24th of 169]
Gross National Income	$37,357,700,000.00		[49th of 172]
Human Development Index	0.844		[44th of 178]
Income category	High income: nonOECD
Inflation rate (consumer prices)	5.5%		[88th of 192]
Public debt	9.7 % of GDP		[110th of 121]
Total reserves minus gold > current US$	8,862,817,000 $		[54th of 178]

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