Economics Section
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, | 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, | $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