Market study report Kuwait

November 19, 2015 | By More

Kuwait is one of the richest countries in the world in terms of its per capita income (approx. US$42,100/-). Its economy is oil dominated with official reserves of 102 billion barrels or almost 6% of the world reserves. Petroleum accounts for 50% of Kuwait’s GDP, 95% of export earnings, and 85% of government earnings.

kuwait_1 Kuwait’s economy moved strongly from 2003-08 and witnessed highest ever growth in nominal GDP supported by strong oil demand, volume of oil exports and increased foreign investment. It was hard hit during 2009 due to the global crisis and oil market slump; however it managed to survive an economic crisis on the strength of continuous budget surpluses.

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, and boost private sector participation in the economy, much of these funds yet have to be allocated.

During 2013 exports stood for US$112 billion and imports were US$24.42 billion with a budget surplus of 29.2 % of GDP. Kuwait’s main imports are: machinery, mechanical appliances, electrical equipment and electronics (24 percent of total imports); transport equipment (14 percent); base metals and articles thereof (12 percent); chemicals and related products (9 percent) and fruits / vegetables (6 percent).

Read Market Report – KUWAIT and Doing Business in Kuwait.

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