Economic and Trade Statistics
COUNTRY DATA
Population: 2,213,403 (Ministry of Planning, 2005 Approved Census)
Religion: Islam predominates, but other religions are publicly practiced
Government System: Constitutional Hereditary Emirate
Language: Arabic (official), English widely spoken. Work Week: Sunday – Thursday.
THE DOMESTIC ECONOMY
All figures in U.S. $ Millions,
unless otherwise indicated | 2004 | 2005 | 2006 |
GDP (Nominal) | 59,379.66 | 83,828.77 | 102,328.7 |
Real GDP Growth * | 6.2% | 8.3% | 8.4% |
Government Spending (% of GDP) | 36% | 29% | 37% |
Inflation Rate ** | 1.3% | 4.1% | 3.3% |
Unemployment Rate | 1.7% | 1.5% | 2.1% |
Foreign Exchange Reserves | 6,563 | - | 20,764 |
Average Forex Rate (US $ per KD) | 0.295 | 0.292 | 0.289 |
* 3.5 predicted Real GDP Growth in 2007
** 5.4% predicted Inflation Rate in 2007
THE OIL SECTOR
| | 2004 | 2005 | 2006 |
Average Daily Oil Production | 2.34 mln barrels | 2.58 mln barrels | 2.48 mln barrels |
Average price per barrel,
Kuwait Export Crude | $32.62 | $45.7 | $57.6 |
Annual revenue from oil exports | $25.6 billion | $42.9 billion | $50.2 billion |
TRADE STATISTICS
All figures in US $Millions | 2003 | 2004 | 2005 | 2006 |
Total Kuwait Exports | 20,959 | 20,678 | 44,868 | 55,940 |
Total Kuwait Imports | 10,782 | 11,403 | 15,801 | 17,647 |
US Exports to Kuwait | 1,507.3 | 1,519.3 | 1,974.9 | 2,086.9 |
US Imports from Kuwait | 2,276.9 | 3,230.8 | 4,334.8 | 3,980.9 |
Sources: Central Bank of Kuwait; Ministry of Planning; National Bank of Kuwait; Economist Intelligence Unit
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