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| industries = [[petroleum]], [[petrochemicals]], [[cement]], [[shipbuilding]] and repair, [[desalination]], [[food processing]], construction materials
| industries = [[petroleum]], [[petrochemicals]], [[cement]], [[shipbuilding]] and repair, [[desalination]], [[food processing]], construction materials
| exports = $54.09 billion (2017 est.)
| exports = $54.09 billion (2017 est.)
| export-goods = oil and refined products, acyclic alcohols, motor cars and other motor vehicles, [[lightvessels]], floating cranes, floating docks, dredgers<ref name="newes"/>
| export-goods = oil and refined products, acyclic alcohols, motor cars and other motor vehicles, [[lightvessels]], floating cranes, floating docks, dredgers<ref name="newes"/>
| export-partners = {{flag|India}}(+) 1.6% <br> {{flag|China}}(+) 1.3% <br> {{flag|UAE}}(+) 1.1% <br> {{flag|Iraq}}(+) 0.9% <br> {{flag|Saudi Arabia}}(+) 0.8% (2020 est.)<ref name="newes"/>
| export-partners = {{flag|India}} 5% <br> {{flag|China}} 14% <br> {{flag|UAE}} 12% <br> {{flag|Japan}} 6% <br> {{flag|Saudi Arabia}} 6% (2020 est.)<ref name="newes"/>
| imports = $29.36 billion (2017 est.)<ref name="cia.gov"/>
| imports = $29.36 billion (2017 est.)<ref name="cia.gov"/>
| import-goods = food, construction materials, vehicles and parts, clothing
| import-goods = food, construction materials, vehicles and parts, clothing

Revision as of 11:42, 15 May 2021

Economy of Kuwait
Kuwait City
CurrencyKuwaiti dinar (KWD)
1 April – 31 March
Trade organisations
WTO and OPEC
Country group
Statistics
GDP
  • Decrease $108.656 billion (nominal, 2020 est.)[3]
  • Decrease $203.786 billion (PPP, 2020 est.)[3]
GDP growth
  • 1.2% (2018) 0.7% (2019e)
  • 0.0% (2020f) 1.6% (2021f)[4]
GDP per capita
  • Decrease $22,252 (nominal, 2020 est.)[3]
  • Decrease $41,735 (PPP, 2020 est.)[3]
GDP by sector
agriculture (0.4%), industry (58.7%), services (40.9%) (2017 est.)[5]
0.579% (2018)[3]
Unemployment2.1% (2017 est.)[5]
Main industries
petroleum, petrochemicals, cement, shipbuilding and repair, desalination, food processing, construction materials
External
Exports$54.09 billion (2017 est.)
Export goods
oil and refined products, acyclic alcohols, motor cars and other motor vehicles, lightvessels, floating cranes, floating docks, dredgers[6]
Main export partners
 India 5%
 China 14%
 UAE 12%
 Japan 6%
 Saudi Arabia 6% (2020 est.)[6]
Imports$29.36 billion (2017 est.)[5]
Import goods
food, construction materials, vehicles and parts, clothing
Main import partners
 China(-) 16.7%
 United States(+) 8.7%
 UAE(+) 8.6%
 Japan(+) 5.9% (2020 est.)[6][7][8]
Negative increase$48.91 billion (31 December 2017 est.)[5]
Public finances
Negative increase$18.40 billion (2019 est.)[9]
Revenues$41.7 billion (2019 est.)[5]
Expenses$69.33 billion (2019 est.)[5]
Economic aidN/A
Standard & Poor's:[10]
AA- (Domestic)
AA- (Foreign)
AA+ (T&C Assessment)
Outlook: Stable[11]
Moody's:[11]
Aa2
Outlook: Stable
Fitch:[11]
AA
Outlook: Stable
All values, unless otherwise stated, are in US dollars.

The economy of Kuwait is a wealthy petroleum-based economy.[12] The Kuwaiti dinar is the highest-valued unit of currency in the world.[13] Non-petroleum industries include financial services.[12] According to the World Bank, Kuwait's economy is the twenty seventh-largest by GDP per capita.[14] Kuwait is the second richest GCC country per capita (after Qatar).[14][15][16] As a result of various diversification policies, petroleum now accounts for only 43% of total GDP and 70% of export earnings.[6] Kuwait's main export products are oil and refined products, motor cars and other motor vehicles, lightvessels, and floating cranes/docks.[6]

Finance

Kuwait has a leading position in the financial industry in the GCC.[17] The Emir has promoted the idea that Kuwait should focus its energies, in terms of economic development, on the financial industry.[17]

The historical preeminence of Kuwait (among the Gulf monarchies) in finance dates back to the founding of the National Bank of Kuwait in 1952.[17] The bank was the first local publicly traded corporation in the Gulf.[17] In the late 1970s and early 1980s, an alternative stock market, trading in shares of Gulf companies, emerged in Kuwait, the Souk Al-Manakh.[17] At its peak, its market capitalization was the third highest in the world, behind only the U.S. and Japan, and ahead of the UK and France.[17]

Kuwait has a large wealth-management industry that stands out in the region.[17] Kuwaiti investment companies administer more assets than those of any other GCC country, save the much larger Saudi Arabia.[17] The Kuwait Financial Centre, in a rough calculation, estimated that Kuwaiti firms accounted for over one-third of the total assets under management in the GCC.[17]

The relative strength of Kuwait in the financial industry extends to its stock market.[17] For many years, the total valuation of all companies listed on the Kuwaiti exchange far exceeded the value of those on any other GCC bourse, except Saudi Arabia.[17] In 2011, financial and banking companies made up more than half of the market capitalization of the Kuwaiti bourse; among all the Gulf states, the market capitalization of Kuwaiti financial-sector firms was, in total, behind only that of Saudi Arabia.[17] In recent years, Kuwaiti investment companies have invested large percentages of their assets abroad, and their foreign assets have become substantially larger than their domestic assets.[17]

Kuwait is 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. Over the years aid was annually provided to Egypt, Syria, and Jordan, as well as the Palestine Liberation Organization. In 1974, the fund's lending mandate was expanded to include all developing countries in the world.

Oil

Main articles: Oil reserves in Kuwait and Petroleum industry in Kuwait

In 1934, the Emir of Kuwait granted an oil concession to the Kuwait Oil Co. (KOC), jointly owned by the Anglo-Persian Oil Company (later British Petroleum Company) and Gulf Oil Corporation 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.

In the Offshore 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 have expired on January 2003; negotiations to replace the concession with a technical service agreement were completed in 2002.

The Kuwait Petroleum Corporation (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.

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 (14.9 km3) of recoverable oil reserves. Estimated capacity, before the war, was about 2.4 million barrels per day (380×10^3 m3/d). During the Iraqi occupation, Kuwait's oil-producing capacity was reduced to practically nothing. However, tremendous recovery and improvements have been made since. Oil production was 1.5 million barrels per day (240×10^3 m3/d) 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 per day (400×10^3 m3/d). Kuwait plans to increase its capacity to 3.5 million barrels per day (560×10^3 m3/d) by 2005.

Reserve funds

Main article: Kuwait Investment Authority
A proportional representation of Kuwait's exports in 2012.

The Kuwait Investment Authority (KIA) is Kuwait's sovereign wealth fund specializing in foreign investment. The KIA is the world's oldest sovereign wealth fund. Since 1953, the Kuwaiti government has directed investments into Europe, United States and Asia Pacific. In 2015, the holdings were valued at $592 billion in assets.[18] It is the 5th largest sovereign wealth fund in the world.

The KIA manages two funds: the General Reserve Fund (GRF) and Future Generations Fund (FGF).[19] The GRF is the main treasurer for the government.[19] It receives all state revenues and all national expenditures are paid out of this fund.[19] The KIA does not disclose its financial assets in public, but it is estimated that the KIA has $410 billion in assets as of February 2014.

The KIA was the main source of capital for the Kuwaiti government during the Gulf War. The Kuwaiti government relied on the KIA to pay for coalition expenses and postwar reconstruction.[20] The KIA was worth $100 billion prior to 1990, KIA funds were depleted to $40–$50 billion after the Gulf War.

Future Generations Fund

The Future Generations Fund (FGF) was created in 1976 by transferring 50% from the general reserve fund at that time. The FGF is a saving funds for future generations. 25% of all state revenues are annually transferred to the fund.[21]

All of the FGF is invested abroad, with an estimated 75% invested in the US and Europe and the rest in emerging markets, mainly China and India.

Science and technology

Kuwait has a growing scientific research sector. According to the United States Patent and Trademark Office, Kuwait has registered 448 patents as of 31 December 2015,[22] Kuwait is the second largest patent producer in the Arab world.[22][23][24][25] Kuwait produces the largest number of patents per capita in the Arab world and OIC.[26][27][28][29] The government has implemented various programs to foster innovation resulting in patent rights.[30][26] Between 2010 and 2016, Kuwait registered the highest growth in patents in the Arab world.[30][26][24]

Kuwait was the first country in the region to implement 5G technology.[31] Kuwait is among the world's leading countries in 5G penetration.[31][32]

Kuwait has an emerging space industry.[33]

Um Alaish 4

Seven years after the launch of the world's first communications satellite, Telstar 1, Kuwait inaugurated in October 1969 the first satellite ground station in the Middle East about 70 km north of Kuwait City in an area called "Um Alaish".[34] The Um Alaish satellite station complex housed several satellite ground stations including Um Alaish 1 (1969), Um Alaish 2 (1977), and Um Alaish 3 (1981). It provided satellite communication services in Kuwait until 1990 when it was destroyed by the Iraqi armed forces during the Iraqi invasion of Kuwait.[35] In 2019, Kuwait's Orbital Space established an amateur satellite ground station to provide free access to signals from satellites in orbit passing over Kuwait. The station was named Um Alaish 4 to continue the legacy of "Um Alaish" satellite station.[36] Um Alaish 4 is member of FUNcube distributed ground station network[37] and the Satellite Networked Open Ground Station project (SatNOGS).[38]

TSCK experiment in space

Kuwait's Orbital Space in collaboration with the Kuwait Scientific Center (TSCK) introduced for the first time in Kuwait the opportunity for students to send a science experiment to space. The objectives of this initiative was to allow students to learn about (a) how science space missions are done; (b) microgravity (weightlessness) environment; (c) how to do science like a real scientist. This opportunity was made possible through Orbital Space agreement with DreamUp PBC and Nanoracks LLC, which are collaborating with NASA under a Space Act Agreement.[39] The students' experiment was named "Kuwait’s Experiment: E.coli Consuming Carbon Dioxide to Combat Climate Change".[40] The experiment was launched on SpaceX CRS-21 (SpX-21) spaceflight to the International Space Station (ISS) on 06 December 2020. Astronauts Shannon Walker (member of the ISS Expedition 64) conducted the experiment on behalf of the students.

Code in Space

To increase awareness about current opportunities and to encourage solutions to challenges faced by the satellite industry, Kuwait's Orbital Space in collaboration with the Space Challenges Program[41] and EnduroSat[42] introduced an international online students programming opportunity called "Code in Space". This opportunity allows students from around the world to send and execute their own code in space.[43] The code is transmitted from a satellite ground station to a cubesat (nanosatellite) orbiting earth 500 km above sea level. The code is then executed by the satellite's onboard computer and tested under real space environment conditions. The nanosatellite is called "QMR-KWT" (Arabic: قمر الكويت) which means "Moon of Kuwait", translated from Arabic. QMR-KWT is scheduled to be launched to space in June 2021[44] on SpaceX Falcon 9 Block 5 rocket. It is planned to have QMR-KWT shuttled to its final destination (Sun-synchronous orbit) via Vigoride orbit transfer vehicle by Momentus Space. QMR-KWT is Kuwait's first satellite.[45]

Kuwait Space Rocket

Main article: Kuwait Space Rocket

The Kuwait Space Rocket (KSR) is a Kuwaiti project to build and launch the first suborbital liquid bi-propellant rocket in Arabia.[46] The project is divided into two phases with two separate vehicles: an initial testing phase with KSR-1 as a test vehicle capable of reaching an altitude of 8 km (5.0 mi) and a more expansive suborbital test phase with the KSR-2 planned to fly to an altitude of 100 km (62 mi).[47]

Health

Further information: Health in Kuwait

Kuwait has a state-funded healthcare system, which provides treatment without charge to Kuwaiti nationals. There are outpatient clinics in every residential area in Kuwait. A public insurance scheme exists to provide reduced cost healthcare to expatriates. Private healthcare providers also run medical facilities in the country, available to members of their insurance schemes. As part of Kuwait Vision 2035, many new hospitals have opened.[48][49][50] In the years leading up to the COVID-19 pandemic, Kuwait invested in its health care system at a rate that was proportionally higher than most other GCC countries.[51] As a result, the public hospital sector significantly increased its capacity.[50][48][49] Kuwait currently has 20 public hospitals.[52][49] The new Sheikh Jaber Al-Ahmad Hospital is considered the largest hospital in the Middle East.[53] Kuwait also has 16 private hospitals.[48]

Entrepreneurship

In the past five years, there has been a significant rise in entrepreneurship and small business start-ups in Kuwait.[54][55] The informal sector is also on the rise,[56] mainly due to the popularity of Instagram businesses.[57][58][59] In 2020, Kuwait ranked fourth in the MENA region in startup funding after the UAE, Egypt and Saudi Arabia.[60]

Many Kuwaiti entrepreneurs use the Instagram-based business model.[61]

Tourism

Main article: Tourism in Kuwait

Tourism accounts for 1.5 percent of the GDP.[62][63] In 2016, the tourism industry generated nearly $500 million in revenue.[64] The annual "Hala Febrayer" festival attracts many tourists from neighboring GCC countries,[65] and includes a variety of events including music concerts, parades, and carnivals.[65][66][67] The festival is a month-long commemoration of the liberation of Kuwait, and runs from 1 to 28 February. Liberation Day itself is celebrated on 26 February.[68]

The Amiri Diwan recently inaugurated the new Kuwait National Cultural District (KNCD), which comprises Sheikh Abdullah Al Salem Cultural Centre, Sheikh Jaber Al Ahmad Cultural Centre, Al Shaheed Park, and Al Salam Palace.[69][70] With a capital cost of more than US$1 billion, the project is one of the largest cultural investments in the world.[70] In November 2016, the Sheikh Jaber Al Ahmad Cultural Centre opened.[71] It is the largest cultural centre and opera house in the Middle East.[72][73] The Kuwait National Cultural District is a member of the Global Cultural Districts Network.[74]

Agriculture

In 2017, agriculture (including fisheries) accounted for almost 0.4 percent of the gross domestic product.[5] Around 4 percent of the economically active population works in agriculture, almost all foreigners.[75] The majority of farm owners are investors.[76] The agricultural sector provides fruit and vegetables for sale in the country's supermarkets. The total agricultural land covered 1 521 sq km in 2014.[76] 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.

Transport

Main article: Transport in Kuwait
A highway in Kuwait City

Kuwait has an extensive and modern network of highways. Roadways extended 5,749 km (3,572 mi), of which 4,887 km (3,037 mi) is paved. There are more than 2 million passenger cars, and 500,000 commercial taxis, buses, and trucks in use. On major highways the maximum speed is 120 km/h (75 mph). Since there is no railway system in the country, most people travel by automobiles.

The country's public transportation network consists almost entirely of bus routes. The state owned Kuwait Public Transportation Company was established in 1962. It runs local bus routes across Kuwait as well as longer distance services to other Gulf states.[77] The main private bus company is CityBus, which operates about 20 routes across the country. Another private bus company, Kuwait Gulf Link Public Transport Services, was started in 2006. It runs local bus routes across Kuwait and longer distance services to neighbouring Arab countries.[78]

There are two airports in Kuwait. Kuwait International Airport serves as the principal hub for international air travel. State-owned Kuwait Airways is the largest airline in the country. A portion of the airport complex is designated as Al Mubarak Air Base, which contains the headquarters of the Kuwait Air Force, as well as the Kuwait Air Force Museum. In 2004, the first private airline of Kuwait, Jazeera Airways, was launched.[79] In 2005, the second private airline, Wataniya Airways was founded.

Kuwait has one of the largest shipping industries in the region. The Kuwait Ports Public Authority manages and operates ports across Kuwait. The country’s principal commercial seaports are Shuwaikh and Shuaiba which handled combined cargo of 753,334 TEU in 2006.[80] Mina Al-Ahmadi, the largest port in the country, handles most of Kuwait's oil exports.[81] Construction of Mubarak Al Kabeer Port started in 2019. The port is expected to handle 1.3 million TEU when operations start.

Macro-Economic

The following table shows the main economic indicators in 1980–2017.[82]

Year 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP in $
(PPP) 		45.32 Bln. 45.49 Bln. 52.04 Bln. 94.48 Bln.. 112.87 Bln. 187.25 Bln. 207.52 Bln. 225.81 Bln. 235.95 Bln. 220.92 Bln. 218.31 Bln. 247.18 Bln. 271.51 Bln. 276.91 Bln. 283.63 Bln. 283.83 Bln. 293.76 Bln. 291.48 Bln.
GDP per capita in $
(PPP) 		33,082 26,759 24,435 48,207 50,908 62,601 65,197 66,422 68,553 63,392 60,947 66,853 71,326 71,150 70,217 66,956 68,540 66,163
GDP growth
(real) 		−20.4% −4.3% −26.6% 1.7% 4.7% 10.1% 7.5% 6.0% 2.5% −7.1% −2.4% 10.9% 7.9% 0.4% 0.6% −1.0% 2.2% −2.5%
Inflation
(in Percent) 		6.9% 1.5% 15.8% 2.5% 1.6% 4.1% 3.1% 5.5% 6.3% 4.6% 4.5% 4.9% 3.2% 2.7% 3.2% 3.7% 3.5% 1.5%
Government debt
(Percentage of GDP) 		... ... ... 78% 35% 12% 8% 7% 5% 7% 6% 5% 4% 3% 3% 5% 10% 21%

See also

References

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  82. ^ "Report for Selected Countries and Subjects". Retrieved 8 September 2018.
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