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Indicators of economy in Kuwait

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 12,230 USD per capita. GDP in Kuwait, on the other hand, reached USD 24,931 per capita, or 105.96 billion USD for the whole country. Kuwait is therefore currently ranked 65 of the major economies. If this is calculated per inhabitant, then Kuwait is in place 51.

Inflation in Kuwait in 2021 was around 3.42%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 39.7 percent lower.
The index for perceived corruption in the public sector is 42, which is below average by global standards.


Back to overview: Kuwait

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Kuwait. Overall, gross domestic product in 2020 fell from 136.20 billion US dollars to 105.96 billion US dollars. With a large drop of 22.20 percent, the economy in Kuwait has struggled significantly more than other countries. The tourism sector alone slumped by around 56 percent. The unemployment rate rose from 2.2 to 3.5 percent. The consumer inflation rate has risen from 1.1 percent previously to 2.1 percent now.

Unemployment rates in percentages 1991 - 2021

Economic performance 2020

 Kuwait
Total
Kuwait
per capita
EU
Total
EU
per capita
GDP105.96 bn USD24,931.15 USD17.177 tn USD33,384.92 USD
Gross national product152.28 bn USD35,828.57 USD16.895 tn USD32,835.37 USD


Out of the 2,000 largest listed companies in the world, 3 originate from Kuwait. This is determined annually in the Forbes Global 2000 list. The 3 largest companies in the country in 2022 were:

Rank 733: National Bank of Kuwait (Kuwait City)
Rank 1086: Kuwait Finance House (Kuwait City)
Rank 1518: Agility (Kuwait City)

Development of gross domestic product in billions of USD 1970 - 2020



Imports and Exports 2021

 Kuwait
Total
Kuwait
per capita
EU
Total
EU
per capita
Imports44.02 bn USD10,356.24 USD8.916 tn USD17,329.02 USD
Exports47.42 bn USD11,156.50 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1975 - 2021

Exports
Imports



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