Kuwait flag

Kuwait

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
Leadership Insights: Q&A With Kuwait Central Bank Governor Basel Al-Haroon

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

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

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