telephone: [965] 539-5307
FAX: [965] 538-0282
Flag description: three equal horizontal bands of green (top), white, and red with a black trapezoid based on the hoist side
Kuwait Economy
Economy - overview: Kuwait is a small, relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% 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. Higher oil prices put the FY99/00 budget into a $2 billion surplus. The FY00/01 budget covers only nine months because of a change in the fiscal year. The budget for FY01/02, which begins 1 April, contains higher expenditures for salaries, construction, and other general categories. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.
GDP: purchasing power parity - $29.3 billion (2000 est.)
GDP - real growth rate: 6% (2000 est.)
GDP - per capita: purchasing power parity - $15,000 (2000 est.)
GDP - composition by sector: agriculture: 0%
industry: 55%