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 | |
---|---|---|---|---|
GDP | 105.96 bn USD | 24,931.15 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 152.28 bn USD | 35,828.57 USD | 16.895 tn USD | 32,835.37 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
› Debt budget development
› Development of inflation
› Corruption in Kuwait
› Cost of living in a global comparison
› Development of inflation
› Corruption in Kuwait
› Cost of living in a global comparison
Imports and Exports 2021
Kuwait Total | Kuwait per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 44.02 bn USD | 10,356.24 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 47.42 bn USD | 11,156.50 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1975 - 2021
Exports
Imports