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Economic overview
Kuwait — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The oil sector dominates the economy. Of the countries in the Middle East, Kuwait has oil reserves second only to those of Saudi Arabia. Earnings from hydrocarbons generate over 90% of both export and government revenues and contribute about 40% to GDP. Most of the nonoil sector is dependent upon oil-derived government revenues to provide infrastructure development and to promote limited industrial diversification. The economy is heavily dependent upon foreign labor--Kuwaitis account for less th |
| 1991 | Up to the invasion by Iraq in August 1990, the oil sector had dominated the economy. Kuwait has the third-largest oil reserves in the world after Saudi Arabia and Iraq. Earnings from hydrocarbons generated over 90% of both export and government revenues and contributed about 40% to GDP. Most of the nonoil sector has traditionally been dependent upon oil-derived government revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war has devastated the economy. Iraq destroyed or damag |
| 1992 | Up to the invasion by Iraq in August 1990, the oil sector had dominated the economy. Kuwait has the third-largest oil reserves in the world after Saudi Arabia and Iraq. Earnings from hydrocarbons have generated over 90% of both export and government revenues and contributed about 40% to GDP. Most of the nonoil sector has traditionally been dependent upon oil-derived government revenues. Iraq's destruction of Kuwait's oil industry during the Gulf war has devastated the economy. Iraq destroyed or |
| 1993 | Kuwait is a small and relatively open economy with proven crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait is rebuilding its war-ravaged petroleum sector and the increase in crude oil production to nearly 2.0 million barrels per day by the end of 1992 led to an enormous increase in GDP for the year. The government ran a cumulative fiscal deficit of approximately $70 billion over its last two fiscal years, reducing its foreign asset position and increasing its public |
| 1994 | Kuwait is a small and relatively open economy with proven crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production reached at least 2.0 million barrels per day by the end of 1993. The government ran a sizable fiscal deficit in 1993. Petroleum accounts for nearly half of GDP and 90% of export and government revenues. |
| 1995 | Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production reached at least 2.0 million barrels per day by the end of 1993. The government ran a sizable fiscal deficit in 1993. Petroleum accounts for nearly half of GDP and 90% of export and government revenues. Kuwait lacks water and has practically no arable land, thus preventing development of agr |
| 1996 | Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2.0 million barrels per day in 1994. The government continues to record large fiscal deficits. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 70% of government income. Kuwait lacks water and has practically no arable land, thus preventing development of agric |
| 1997 | Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2 million barrels per day in 1996. 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 |
| 1998 | Kuwait is a small and relatively open economy with proved crude oil reserves of about 94 billion barrels-10% of world reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its crude oil production averaged 2 million barrels per day in 1996. 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 o |
| 1999 | Kuwait is a small and 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 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. The economy improved moderately in 1994-97, but |
| 2000 | 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 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 |
| 2001 | 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 budg |
| 2002 | Kuwait is a small, rich, relatively open economy with proved crude oil reserves of 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 budg |
| 2003 | Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields |
| 2004 | Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields |
| 2005 | Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop fields |
| 2006 | Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop |
| 2007 | Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 96 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% 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. Kuwait continues its discussions with foreign oil companies to develop |
| 2008 | 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 initia |
| 2009 | Kuwait is a small, rich, relatively open economy with self-reported crude oil reserves of about 104 billion barrels - 8% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait experienced rapid economic growth over the last several years on the back of high oil prices and in 2008 posted its tenth consecutive budget surplus. As a result of this positive fiscal situation, the need for economic reforms was less urgent and the gover |
| 2010 | Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 is reviving government consumption and economic growth as Kuwait experiences a 20% incre |
| 2011 | Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 is reviving government consumption and economic growth as Kuwait experiences a 20% incre |
| 2012 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase |
| 2013 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase |
| 2014 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector empl |
| 2015 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector empl |
| 2016 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 90% of government income. | In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices. Kuwaiti authorities have tried to reduce the de |
| 2017 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. | In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5 |
| 2018 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16 |
| 2019 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16 |
| 2020 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16 |
| 2021 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16 |
| 2022 | Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income. With world oil prices declining, Kuwait realized a budget deficit in 2015 for the first time more than a decade; in 2016, the deficit grew to 16 |
| 2023 | small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program |
| 2024 | small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program |
| 2025 | small, high-income, oil-based Middle East economy; renewable energy proponent; regional finance and investment leader; maintains oldest sovereign wealth fund; emerging space and tourism industries; mid-way through 25-year development program |