Includes historical data for Kuwait’s Gross Domestic Product growth, debt-to-GDP ratio, plus information on trade, banking and financial sector leadership.
Hydrocarbon Powerhouse
A powerhouse in the global oil and natural gas markets, Kuwait controls respectively about 7% and 1% of the world’s reserves, accounting together for more than half of the country’s GDP and over 90% of its export revenues.
To diversify its economy, the government has launched the Vision 2035 project, which aims to reduce Kuwait’s dependence on hydrocarbon revenues and create a hub for finance and commerce. To that end, Kuwait has taken steps to improve its business environment and regulatory framework, but the lack of deeper financial and social reforms has slowed the pace of progress. The nation’s heavy reliance on imported goods and services poses an additional challenge.
Macroeconomy & Sovereign Data
| Type of Government | Constitutional Emirate with a Parliamentary System |
|---|---|
| Capital | Kuwait City |
| Sovereign Ratings |
Moody’s: A1 Fitch: AA– S&P: A+ |
| Total Population | 5.1 million |
| Median Age | 30.3 |
| GDP Per Capita (2024) | USD 50.96 |
| Total GDP (2024) | USD 153.1 billion |
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Overview
| Central Bank | Central Bank of Kuwait |
|---|---|
| Currency | Kuwaiti dinar (KWD) |
| International Reserves | USD 46.7 billion |
| Stock Exchange |
Boursa Kuwait |
Trade & Investment
| Total Exports |
USD 67.72 billion (2024) |
|---|---|
| Leading Exports |
Crude Petroleum Refined Petroleum Hydrocarbons Natural Gas Acyclic Alcohols |
| Total Imports |
USD 27.46 billion (2024) |
| Leading Imports |
Cars Gold Jewelry Garments Packaged Medicine |
| Sources: | Sources: CIA World Factbook, International Monetary Fund. |
Basel Al-Haroon took his position as head of the Central Bank of Kuwait (CBK) in April 2022.
Kuwait Leading Companies
| Kuwait Finance House | Financial |
|---|---|
| National Bank of Kuwait | Financial |
| Boubyan Bank | Financial |
| Zain Group | Telecommunications |
| Agility Logistics | Diversified |
| Mabanee Company | Real Estate |
| Gulf Bank | Financial |
Major Trade Partners – Import
| China | 19% |
|---|---|
| United Arab Emirates | 12% |
| United States | 9% |
| India | 5% |
| Saudi Arabia | 5% |
Source: World Integrated Trade Solution
Major Trade Partners – Export
| Other, unspecified | 92% |
|---|---|
| United Arab Emirates | 1% |
| India | 1% |
| Saudi Arabia | 1% |
| China | 1% |
Source: World Integrated Trade Solution
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000