Kuwait

The State of Kuwait is a small oil-rich monarchy on the coast of the Persian Gulf, enclosed by Saudi Arabia in the south and Iraq in the north. Kuwait is located in the Middle East.

Economy

Kuwait is a small, rich, relatively open economy with proved crude oil reserves of 94 billion barrels (15 km³) - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% of government income. Kuwait's climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Higher oil prices put the FY99/00 budget into a ?1.7 billion ($2 billion) surplus. The FY00/01 budget covers only nine months because of a change in the fiscal year. The budget for FY01/02 envisioned higher expenditures for salaries, construction, and other general categories. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. By 1990 the country earned more from foreign investment than from oil exports. The expenses of the Iraqi invasion and postwar reconstruction placed a heavy economic burden on the country, but by the mid-1990s Kuwait had resumed its preinvasion prosperity. Gross domestic product (GDP) for 2003 was ?34.6 billion ($41.7 billion), giving Kuwait a per capita GDP of $17,420 (?14,166). The labor force totals 1,073,115 people, only about one-quarter of whom are Kuwaiti citizens.{{ref|figure}}

Related Topics:
Petroleum - GDP - Agricultural - Fish

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The Central Bank of Kuwait in the capital city issues Kuwait?s currency, the Kuwaiti dinar. The dinar is valued at 0.351676 KWD per 1EUR and at 0.292010 KWD per 1USD, making it the highest-valued currency in the world.

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