Economic indicators and data sets offering a full view of Kuwait GDP, economy, international trade, banking and finance. With rankings of the country’s best and safest banks. Updated October 2023
Seeking Diversity for Kuwait GDP
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.
Kuwait’s Digital Transformation Journey
Kuwait Economy Overview
Macroeconomy & Sovereign Data
| Total Land Area | 17,820 sq km |
|---|---|
| Type of Government | Parliamentary Republic |
| Capital | Kuwait City |
| Total Population | 4.9 million |
| Median Age | 39.8 |
| Total GDP | USD 165 billion |
| Adult Per Capita Income | USD 82,333 |
| Central Bank | Central Bank of Kuwait |
| Currency | Kuwaiti dinar (KWD) |
| International Reserves | USD 52 billion |
| Sovereign Ratings |
Moody’s A1 Fitch AA- S&P A+ |
| Stock Market | Boursa Kuwait |
Central Bank Governor
Basel Al-Haroon
Basel Al-Haroon took his position as head of the Central Bank of Kuwait (CBK) in April 2022. The Gulf nation remains prosperous, with a …. read more in our 2023 Central Banker Report Cards – Middle East
Or click here to read our prior interview with Gov. Al-Haroon
Kuwait
Trade & Finance
International Trade
| Total Exports | USD 33 billion |
|---|---|
| Major Exports |
Crude petroleum Refined petroleum Natural gas Industrial hydrocarbon products Industrial alcohols |
| Major Trade Partners – Export |
Other, unspecified United Arab Emirates Saudi Arabia China India |
| Total Imports | USD 94 billion |
| Major Imports |
Cars Broadcasting equipment Natural gas Packaged medicines Jewelry |
| Major Trade Partners – Imports |
China United Arab Emirates United States Japan Saudi Arabia |
Inbound and Outbound Investment
Kuwait's Leading Companies
| Finance |
Kuwait Finance House National Bank of Kuwait |
|---|---|
| Energy | Kuwait Petroleum Corporation |
| Telecommunications |
Zain Group |
| Diversified |
Agility Logistics Alghanim Industries |
A Leader In Low Debt
Compared to regional neighbors, Kuwait has an impressive low debt-to-GDP ratio. Fiscal stability is a cornerstone of Kuwaiti ambitions for economic growth, with strong backing from petroleum revenues.
For more on the leading banks in Kuwait …
Global Finance Rankings & Awards: Kuwait
Global Finance Magazine honors the best in banking and finance around the world with a range of awards including Best Trade Finance Banks, Biggest Banks, Safest Banks, Best Developed & Emerging Markets Banks, Best Investment Banks and more.
Data Sources
IMF World Economic Outlook
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