Kuwait

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Kuwait - In Short.

Overview of Kuwait

Kuwait has been ruled by the AL-SABAH dynasty since the 18th century. The threat of Ottoman invasion in 1899 prompted Amir Mubarak AL-SABAH to seek protection from Britain, ceding foreign and defense responsibility to Britain until 1961, when the country attained its independence. Kuwait was attacked and overrun by Iraq in August 1990. Following several weeks of aerial bombardment, a US-led UN coalition began a ground assault in February 1991 that liberated Kuwait in four days. In 1992, the Amir reconstituted the parliament that he had dissolved in 1986. Amid the 2010-11 uprisings and protests across the Arab world, stateless Arabs, known as Bidoon, staged small protests in early 2011 demanding citizenship, jobs, and other benefits available to Kuwaiti nationals. Other demographic groups, notably Islamists and Kuwaitis from tribal backgrounds, soon joined the growing protest movements, which culminated in late 2011 with the resignation of the prime minister amidst allegations of corruption. Demonstrations renewed in late 2012 in response to an amiri decree amending the electoral law that lessened the voting power of the tribal blocs. An opposition coalition of Sunni Islamists, tribal populists, and some liberals, largely boycotted legislative elections in 2012 and 2013, which ushered in a legislature more amenable to the government’s agenda. Faced with the prospect of painful subsidy cuts, oppositionists and independents actively participated in the November 2016 election, winning nearly half of the seats but a cohesive opposition alliance largely ceased to exist with the 2016 election and the opposition became increasingly factionalized. Since coming to power in 2006, the Amir has dissolved the National Assembly on seven occasions (the Constitutional Court annulled the Assembly elections in June 2012 and again in June 2013) and shuffled the cabinet over a dozen times, usually citing political stagnation and gridlock between the legislature and the government.
Value
Country Full Name
Kuwait
Country Code
KWT
Region
Middle East & North Africa
Income Group
High income
Currency Unit
GDP
1.06E+11
Population
4270563
Land Area
17820
Net National Income Per Capita
GDP per Capita (PPP)
47306.98817

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Kuwait - Economic

Economy of Kuwait

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 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.

Unemployment Rate

Inflation Rate

Kuwait - GDP Composition

GDP Composiiton & Value Added of Kuwait

Last Updated: Jan, 2021, Updated For 2020.

Kuwait - GDP, Value Added

Demographics of Kuwait

densest settlement is along the Persian Gulf, particularly in Kuwait City and on Bubiyan Island; significant population threads extend south and west along highways that radiate from the capital, particularly in the southern half of the country
Geographic Location

Middle East, bordering the Persian Gulf, between Iraq and Saudi Arabia

Races

Kuwaiti 30.4%, other Arab 27.4%, Asian 40.3%, African 1%, other 0.9% (includes European, North American, South American, and Australian) (2018 est.)

Languages

Arabic (official), English widely spokenmajor-language

Religion

Muslim (official) 74.6%, Christian 18.2%, other and unspecified 7.2% (2013 est.)note: data represent the total population; about 72% of the population consists of immigrants

Dependency & Expectancy of Kuwait

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Kuwait - Social Media Briefing

Kuwait - Social Media & Social Commerce

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Politics & Policies of Kuwait

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ABEDA, AfDB (nonregional member), AFESD, AMF, BDEAC, CAEU, CD, FAO, G-77, GCC, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAS, MIGA, NAM, OAPEC, OIC, OPCW, OPEC, Paris Club (associate), PCA, UN, UNCTAD, UNESCO, UNIDO, UNRWA, UN Security Council (temporary), UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Kuwait

Export of Kuwait

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