Kuwait: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Kuwait has crude oil reserves of about 102 billion barrels - about 7% of world reserves. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2021): China, United Arab Emirates, and United States |
| Top Industries Source: CIA World Factbook | Petroleum; Petrochemicals; Cement; Shipbuilding and Repair |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $247,834,684,210 (2022) |
| GDP Growth Rate (annual %) | 8.178% (2022) |
| GDP Per Capita, PPP (current international) | $58,056 (2022) |
GDP Country Rank 68/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 3.424% (2021) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 13% (2019) |
| Real Interest Rate (5 year average %) | -17.933% (2022) |
| Manufacturing, value added (% of GDP) | 6.607% (2020) |
| Current Account Balance (BoP, current US$) | $63,082,179,481 (2022) |
Labor and Employment [1]
| Labor Force, Total | 2,419,833 (2022) |
| Employment in Agriculture (% of total employment) | 1.978% (2021) |
| Employment in Industry (% of total employment) | 25.291% (2021) |
| Employment in Services (% of total employment) | 72.731% (2021) |
| Unemployment Rate | 2.482% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $61,135,812,381 (2019) |
| Exports of goods and services (current US$) | $72,581,260,121 (2019) |
| Total Merchandise Trade (% of GDP) | 75.19% (2022) |
| FDI, net inflows (BoP, current US$) | $752,255,306 (2022) |
| Commercial Service Exports (current US$) | $10,054,121,338 (2022) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Kuwait’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.