Economy - overview:
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 employees, as well as increased allotments to Kuwait’s Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much of these funds have yet to be allocated.  GDP (purchasing power parity):$165.8 billion (2013 est.) country comparison to the world: 61 $159.6 billion (2012 est.) $144.8 billion (2011 est.) note:data are in 2013 US dollars  GDP (official exchange rate):$179.5 billion (2013 est.)  GDP - real growth rate:2.3% (2013 est.) country comparison to the world: 135 8.3% (2012 est.) 10.2% (2011 est.)  GDP - per capita (PPP):$42,100 (2013 est.) country comparison to the world: 24 $41,800 (2012 est.) $39,200 (2011 est.) note:data are in 2013 US dollars  Gross national saving:54.8% of GDP (2013 est.) country comparison to the world: 2 58.9% of GDP (2012 est.) 58.2% of GDP (2011 est.)  GDP - composition, by end use:household consumption: 23.9%government consumption:16.4% investment in fixed capital:16.2% investment in inventories:0% exports of goods and services:68.5% imports of goods and services:-25.1% (2013 est.)  GDP - composition, by sector of origin:agriculture: 0.3%industry:50.6% services:49.1% (2013 est.)

Agriculture - products:
fish  Industries:petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing, construction materials  Industrial production growth rate:4.1% (2013 est.) country comparison to the world: 71  Labor force:2.38 million country comparison to the world: 114 note:non-Kuwaitis represent about 60% of the labor force (2013 est.)  Labor force - by occupation:agriculture: NA%industry:NA% services:NA%  Unemployment rate:3.4% (2011 est.) country comparison to the world: 27 2.9% (2010)  Population below poverty line:NA%  Household income or consumption by percentage share:lowest 10%: NA%highest 10%:NA%  | | Budget: revenues:$114.1 billionexpenditures:$61.81 billion (2013 est.)

Taxes and other revenues:
63.6% of GDP (2013 est.) country comparison to the world: 3

Budget surplus (+) or deficit (-):
29.2% of GDP (2013 est.) country comparison to the world: 1

Public debt:
6.4% of GDP (2013 est.) country comparison to the world: 156 6.3% of GDP (2012 est.)

Fiscal year:
1 April - 31 March  Inflation rate (consumer prices):2.8% (2013 est.) country comparison to the world: 104 2.9% (2012 est.)  Central bank discount rate:1.25% (31 December 2010 est.) country comparison to the world: 106 3% (31 December 2009 est.)  Commercial bank prime lending rate:4.9% (31 December 2013 est.) country comparison to the world: 153 5% (31 December 2012 est.)  Stock of narrow money:$31.68 billion (31 December 2013 est.) country comparison to the world: 58 $27.55 billion (31 December 2012 est.)  Stock of broad money:$110.1 billion (31 December 2013 est.) country comparison to the world: 51 $105.9 billion (31 December 2012 est.)
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