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Indicators of economy in Kuwait

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in Kuwait reached 24.812 US dollars per inhabitant, or 105.96 bn US Dollar in the whole country. Kuwait is therefore currently ranked 61 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Kuwait is in the list of the world's richest countries in place 23.

Inflation in Kuwait was in 2021 at around 3.42%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 39.7% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Kuwait

Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic in 2020 were considerable in Kuwait. Overall, gross domestic product in 2020 fell from 136.20 billion US Dollar auf 105.96 billion US Dollar. 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% previously to 2.1% now.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Kuwait
Total
Kuwait
per capita
EU
Total
EU
per capita
GDP105.96 bn USD24,811.77 USD15,291.93 tn USD29,710.69 USD
Gross national product152.65 bn USD35,745.75 USD15,330.84 tn USD29,786.28 USD


3 of the 2000 largest listed companies in the world originate from Kuwait. This is determined annually in the Forbes Global 2000 list. The 3 largest companies in the country were in 2021:

Rank 776: National Bank of Kuwait (Kuwait City)
Rank 920: Kuwait Finance House (Kuwait City)
Rank 1720: Zain (Kuwait City)

Development of the Gross domestic product in billion US Dollar 1970 - 2020



Im- and Exports 2020

 Kuwait
Total
Kuwait
per capita
EU
Total
EU
per capita
Imports44.02 bn USD10,306.66 USD7,340.01 bn USD14,260.90 USD
Exports47.42 bn USD11,103.08 USD7,939.04 bn USD15,424.75 USD


Development of imports and exports in billion US dollars 1975 - 2020

Exports
Imports



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