| Economy of Kuwait | | Currency | Kuwaiti dinar (KD) | | Fiscal year | 1 April–31 March | | Trade organisations | WTO and OPEC | | Statistics | | GDP ranking | 76th (2004) [1] | | GDP | $48 billion (2004 est.) | | GDP growth | 6.8% (2004 est.) | | GDP per capita | $21,300 (2004 est.) | | GDP by sector | agriculture (0.4%), industry (60.5%), services (39.1%) (2004 est.) | | Inflation | 2.3% (2004 est.) | | Pop below poverty line | NA | | Labour force | 1.42 million; note: non-Kuwaitis represent about 80% of the labor force. (2004 est.) | | Labour force by occupation | NA | | Unemployment | 2.2% (2004 est.) | | Main industries | petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials | | Trading Partners | | Exports | $27.42 billion f.o.b. (2004 est.) | | Main partners | Japan 22%, South Korea 13.1%, US 12%, Singapore 10.2%, Taiwan 7.5%, Pakistan 4.7% (2003) | | Imports | $11.12 billion f.o.b. (2004 est.) | | Main Partners | US 15%, Japan 10.4%, Germany 9.7%, China 6.7%, UK 6.2%, Saudi Arabia 5.6%, Italy 5.1%, France 4.3% (2003) | | Public finances | | Public debt | $14.21 billion (29.6% of GDP) (2004 est.) | | External debt | $15.02 billion (2004 est.) | | Revenues | $35.82 billion (2004 est.) | | Expenses | $19.53 billion (2004 est.) | | Economic aid | NA | | edit | Kuwait is a small, relatively open economy with proved crude oil reserves of about 94 billion barrels (15 km³), i.e. about 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. 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. Higher oil prices reduced the budget deficit from $5.5 billion to $3 billion in 1999, and prices are expected to remain relatively strong throughout 2000. The government is proceeding slowly with reforms. It inaugurated Kuwait's first free-trade zone in 1999 and will continue discussions with foreign oil companies to develop fields in the northern part of the country. The Kuwaiti Dinar (ISO 4217 code KWD) is Kuwaits official currency. ...
April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ...
March 31 is the 90th day of the year in the Gregorian Calendar (91st in Leap years), with 275 days remaining, as the final day of March. ...
For other uses of the initials WTO, see WTO (disambiguation). ...
Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
For other uses, see number 200. ...
The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
Nodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ...
A petrochemical is any chemical derived from fossil fuel. ...
In the general sense, a cement (Latin caementum) is any material with adhesive properties. ...
Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ...
Desalination refers to any of several processes that remove the excess salt and other minerals from water in order to obtain fresh water suitable for animal consumption or irrigation, and if almost all of the salt is removed, for human consumption, sometimes producing table salt as a by-product. ...
Food processing is the methods and techniques used to transform raw ingredients into food for consumption by humans. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
Wikiquote has a collection of quotations by or about: United States Wikinews has news related to this article: United States United States government CIA World Factbook Entry for United States House. ...
2003(MMIII) is a common year starting on Wednesday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
Wikiquote has a collection of quotations by or about: United States Wikinews has news related to this article: United States United States government CIA World Factbook Entry for United States House. ...
2003(MMIII) is a common year starting on Wednesday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
2004(MMIV) is a leap year starting on Thursday of the Gregorian calendar. ...
Nodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Latin petrus – rock and oleum – oil), mineral oil, or crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish flammable liquid, which exists in the upper strata of some areas of the Earths...
The barrel is the name of several units of measurement. ...
Water (from the Old English word wæter; c. ...
In geography, arable land (from Latin arare, to plough ) is a form of agricultural land use, meaning land that can be (and is) used for growing crops. ...
Groups Conodonta Hyperoartia Petromyzontidae (lampreys) Pteraspidomorphi (early jawless fish) Thelodonti Anaspida Cephalaspidomorphi (early jawless fish) Galeaspida Pituriaspida Osteostraci Gnathostomata (jawed vertebrates) Placodermi Chondrichthyes (cartilaginous fish) Acanthodii Osteichthyes (bony fish) Actinopterygii (ray-finned fish) Sarcopterygii (lobe-finned fish) Actinistia (coelacanths) Dipnoi (lungfish) A fish is a poikilothermic (cold-blooded)* water-dwelling...
A budget deficit occurs when an entity (often a government) spends more money than it takes in. ...
1999 is a common year starting on Friday Anno Domini (or the Current Era), and was designated the International Year of Older Persons by the United Nations. ...
This article is about the year 2000. ...
Economy in greater depth
Kuwait is a small country with massive oil reserves, whose economy has been traditionally dominated by the state and its oil industry. During the 1970s, Kuwait benefited from the dramatic rise in oil prices, which Kuwait actively promoted through its membership in the Organization of Petroleum Exporting Countries (OPEC). The economy suffered from the triple shock of a 1982 securities market crash, the mid-1980s drop in oil prices, and the 1990 Iraqi invasion and occupation. The Kuwaiti Government-in-exile depended upon its $100 billion in overseas investments during the Iraqi occupation in order to help pay for the reconstruction. Thus, by 1993, this balance was cut to less than half of its pre-invasion level. The wealth of Kuwait is based primarily on oil and capital reserves, and the Iraqi occupation severely damaged both. This article provides extensive lists of events and significant personalities of the 1970s. ...
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ...
1982 is a common year starting on Friday of the Gregorian calendar. ...
1990 is a common year starting on Monday of the Gregorian calendar. ...
1993 is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ...
In the closing hours of the Gulf War in February 1991, the Iraqi occupation forces set ablaze or damaged 749 of Kuwait's oil wells. All of these fires were extinguished within a year. Production has been restored, and refineries and facilities have been modernized. Oil exports surpassed their pre-invasion levels in 1993 with production levels only constrained by OPEC quotas. The 1991 Gulf War was a conflict between Iraq and a coalition force of 34 nations mandated by the United Nations and led by the United States. ...
1991 is a common year starting on Tuesday of the Gregorian calendar. ...
An oil well is a laymans term for any perforation through the Earths surface designed to find and release both petroleum oil and gas hydrocarbons. ...
A refinery is a building and/or the equipment used for refining or processing specific products. ...
Oil In 1934, the ruler of Kuwait granted an oil concession to the Kuwait Oil Co. (KOC), jointly owned by the British Petroleum Co. and Gulf Oil Corp. In 1976, the Kuwaiti Government nationalized KOC. The following year, Kuwait took over onshore production in the Divided Zone between Kuwait and Saudi Arabia. KOC produces jointly there with Texaco, Inc., which, by its 1984 purchase of Getty Oil Co., acquired the Saudi Arabian onshore concession in the Divided Zone. 1934 was a common year starting on Monday (link will take you to calendar). ...
Kuwait Oil Company is one of the biggest oil companies in the world. ...
KOC is a three-letter acronym than can refer to: Kings of Chaos, a massively multiplayer online role-playing game Knights of Columbus, a Catholic non-profit charity organization Kuwait Oil Co. ...
This article is about the corporation known as BP. See also BP (disambiguation) BP (formerly British Petroleum and briefly known as BP Amoco) (NYSE: BP) is a petroleum company headquartered in London, United Kingdom. ...
Texaco was the name of an American oil company that was merged into Chevron Corporation in 2001. ...
1984 is a leap year starting on Sunday of the Gregorian calendar. ...
Getty Oil is an oil company founded by J. Paul Getty. ...
Offshore the Divided Zone, the Arabian Oil Co.--80% owned by Japanese interests and 10% each by the Kuwaiti and Saudi Governments--has produced on behalf of both countries since 1961. The original concession agreements will expire in January 2003; negotiations to replace the concession with a technical service agreement should be completed in 2002. 2002(MMII) is a common year starting on Tuesday of the Gregorian calendar. ...
The Kuwait Petroleum Corp. (KPC), an integrated international oil company, is the parent company of the government's operations in the petroleum sector, and includes Kuwait Oil Company, which produced oil and gas; Kuwait National Petroleum Co., refining and domestic sales; Petrochemical Industries Co., producing ammonia and urea; Kuwait Foreign Petroleum Exploration Co., with several concessions in developing countries; Kuwait Oil Tanker Co.; and Santa Fe International Corp. The latter, purchased outright in 1982, gives KPC a worldwide presence in the petroleum industry. This article is about the unit of length. ...
KPC also has purchased from Gulf Oil Co. refineries and associated service stations in the Benelux nations and Scandinavia, as well as storage facilities and a network of service stations in Italy. In 1987, KPC bought a 19% share in British Petroleum, which was later reduced to 10%. KPC markets its products in Europe under the brand Q8 and is interested in the markets of the United States and Japan.
Kuwait has about 94 billion barrels (15 km³) of recoverable oil; Saudi Arabia is the only single country which has larger reserves. Estimated capacity, before the war, was about 2.4 million barrels (380,000 m³) per day. During the Iraqi occupation, Kuwait's oil-producing capacity was reduced to practically nothing. However, tremendous recovery and improvements have been made. Oil production was 1.5 million barrels (240,000 m³) per day by the end of 1992, and pre-war capacity was restored in 1993. Kuwait's production capacity is estimated to be 2.5 million barrels (400,000 m³) per day. Kuwait plans to increase its capacity to 3.5 million (560,000 m³) barrels per day by 2005.
This is bullshit Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ...
Image File history File links Logotype of the Organization of the Petroleum Exporting Countries (OPEC). ...
Social Benefits The government has sponsored many social welfare, public works, and development plans financed with oil and investment revenues. Among the benefits for Kuwaiti citizens are retirement income, marriage bonuses, housing loans, virtually guaranteed employment, free medical services, and education at all levels. Foreign nationals residing in Kuwait obtain some, but not all, of the welfare services. The right to own stock in publicly traded companies, real estate, and banks or a majority interest in a business is limited to Kuwaiti citizens and citizens of GCC states under limited circumstances. Social welfare can mean: the welfare or well-being of a society. ...
Industry and Development Industry in Kuwait consists of several large export-oriented petrochemical units, oil refineries, and a range of small manufacturers. It also includes large water desalinization, ammonia, desulfurization, fertilizer, brick, block, and cement plants. During the invasion, the Iraqis looted nearly all movable items of worth, especially high-technology items and small machinery. Much of this has been replaced with newer equipment. Desalination refers to any of several processes that removes the excess salt and minerals from water in order to obtain fresh water suitable for animal consumption or for irrigation, sometimes producing table salt as a byproduct. ...
Agriculture Agriculture is limited by the lack of water and arable land. The government has experimented in growing food through hydroponics and carefully managed farms. However, most of the soil which was suitable for farming in south central Kuwait was destroyed when Iraqi troops set fire to oil wells in the area and created vast "oil lakes". Fish and shrimp are plentiful in territorial waters, and largescale commercial fishing has been undertaken locally and in the Indian Ocean.
Shipping The Kuwait Oil Tankers Co. has 35 crude oil and refined product carriers and is the largest tanker company in an OPEC country. Kuwait also is a member of the United Arab Shipping Company.
Trade, Finance, and Aid The Kuwaiti dinar is a strong currency pegged to a basket of currencies in which the U.S. dollar has the most weight. Kuwait ordinarily runs a balance-of-payments surplus.
Government revenues are dependent on oil revenues. Kuwait's fiscal surplus in 2000 was some 15% of GDP, while it reversed to a deficit of more that 2% of GDP in 2001 on sliding oil prices.
The government's two reserve funds: the Fund for Future Generations and the General Reserve Fund, which totaled nearly $100 billion prior to the invasion in 1990, were the primary source of capital for the Kuwaiti Government during the war. While these funds were depleted to $40-$50 billion after the war, they currently are estimated around $80 billion. The bulk of this reserve is invested in the United States, Germany, the United Kingdom, France, Japan, and Southeast Asia. In order of importance, foreign assets are believed to be invested in stocks and bonds, fixed yield instruments (mostly short term), and real estate. Kuwait follows a generally conservative investment policy.
Kuwait has been a major source of foreign economic assistance to other states through the Kuwait Fund for Arab Economic Development, an autonomous state institution created in 1961 on the pattern of Western and international development agencies. In 1974, the fund's lending mandate was expanded to include all-not just Arab-developing countries.
Over the years aid was provided to Egypt, Syria, and Jordan, as well as the Palestine Liberation Organization. During the Iran-Iraq war, significant Kuwaiti aid was given to the Iraqis. The Kuwait fund issued loans and technical assistance grants totaling over $520 million during its fiscal year ending June 30, 2000.
Other statistics Investment (gross fixed): 8% of GDP (2004 est.)
Household income or consumption by percentage share:
- lowest 10%: NA
- highest 10%: NA
Agriculture - products: practically no crops; fish
Industrial production growth rate: -5% (2002 est.)
Electricity:
- production: 32.43 TWh (2002)
- consumption: 30.16 TWh (2002)
- exports: 0 kWh (2002)
- imports: 0 kWh (2002)
Electricity - production by source: The terawatt hour (TW·h) is a unit for measuring energy. ...
- fossil fuel: 100%
- hydro: 0%
- other: 0% (2001)
- nuclear: 0%
Oil: - production: 2.319 million barrel/day (2004 est.)
- consumption: 293,000 barrel/day (2003 est.)
- exports: 1.97 million barrel/day (2003)
- imports: NA
- proved reserves: 96.5 billion barrel (2004 est.)
Natural gas: - production: 8.7 billion m³ (2002 est.)
- consumption: 8.7 billion m³ (2002 est.)
- exports: 0 m³ (2002 est.)
- imports: 0 m³ (2002 est.)
- proved reserves: 1.548 trillion m³ (2004)
Current account balance: $12.04 billion (2004 est.)
Exports - commodities: oil and refined products, fertilizers
Imports - commodities: food, construction materials, vehicles and parts, clothing
Reserves of foreign exchange & gold: $7.333 billion (2004 est.)
Exchange rates: Kuwaiti dinars per US dollar - 0.3014 (2004), 0.298 (2003), 0.3039 (2002), 0.3067 (2001), 0.3068 (2000)
See also
Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ...
Image File history File links Logotype of the Organization of the Petroleum Exporting Countries (OPEC). ...
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