Includes historical data for Kuwait’s Gross Domestic Product growth, debt-to-GDP ratio, plus information on trade, banking and financial sector leadership.
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 GDP & Economic Overview
Macroeconomy & Sovereign Data
| Type of Government | Parliamentary republic |
|---|---|
| Capital | Kuwait City |
| Sovereign Ratings |
Moody’s A1 Fitch AA– S&P A+ |
| Total Population | 4.9 million |
| Median Age | 39.8 |
| Adult Per Capita Income (PPP) | USD 82,333 |
| Total GDP (2023) | USD 165 billion |
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Overview
| Central Bank | Central Bank of Kuwait |
|---|---|
| Currency | Kuwaiti dinar (KWD) |
| International Reserves | USD 52 billion |
| Stock Exchange |
Boursa Kuwait |
Basel Al-Haroon took his position as head of the Central Bank of Kuwait (CBK) in April 2022. The war in Ukraine has led to a spike in oil prices which, in turn, has bolstered Kuwait’s energy-based economy…
Trade & Investment
| Total Exports |
USD 33 billion (2022) |
|---|---|
| Leading Exports |
Natural gas Crude petroleum Refined petroleum Industrial hydrocarbon products Industrial alcohols |
| Total Imports |
USD 84 billion (2022) |
| Leading Imports |
Cars Broadcasting equipment Natural gas Jewelry Packaged medicines |
Source: World Integrated Trade Solution
Kuwait Leading Companies
| Kuwait Finance House | Finance |
|---|---|
| National Bank of Kuwait | Finance |
| Kuwait Petroleum Corporation | Energy |
| Zain Group | Telecommunications |
| Agility Logistics | Diversified |
| Alghanim Industries | Diversified |
Major Trade Partners – Import
| China | 18% |
|---|---|
| United Arab Emirates | 12% |
| United States | 8% |
| Japan | 6% |
| Saudi Arabia | 5% |
Source: World Integrated Trade Solution
Major Trade Partners – Export
| Other, unspecified | 92% |
|---|---|
| United Arab Emirates | 1% |
| Saudi Arabia | 1% |
| China | 1% |
| India | 1% |
Source: World Integrated Trade Solution
Global Finance Rankings & Awards
In Partnership With
Established in 2004, Boubyan Bank is well-known for its award-winning customer service and rapid nationwide growth. However, what really sets the bank apart is our strong sense of community and for being a first-mover in cutting-edge digital banking facilities. Today, the bank offers the full range of financial services including personal banking, private banking, and business banking, as well as feature-loaded credit cards, competitive consumer loans, housing financing, and investments.
Boubyan Bank was founded by Emiri Decree No. 88, Boubyan Bank is a Shari’a compliant financial institution and is the first Shari’a compliant licensed under the Law of Islamic Banks no. 33 of 2003.
The bank is a publicly traded company listed on Boursa Kuwait in May 2006. Major shareholders include National Bank of Kuwait (NBK).
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