International Hotel),
Kuwait City
mailing address: P.O. Box 77, SAFAT, 13001 SAFAT, Kuwait; Unit 6900,
APO AE 09880-9000
telephone: [965] 2424151 through 2424159
FAX: [965] 2442855

Flag: three equal horizontal bands of green (top), white, and red
with a black trapezoid based on the hoist side

Economy
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Economic overview: Kuwait is a small and relatively open economy
with proved crude oil reserves of about 94 billion barrels - 10% of
world reserves. Kuwait has rebuilt its war-ravaged petroleum sector;
its crude oil production averaged 2.0 million barrels per day in
1994. The government continues to record large fiscal deficits.
Petroleum accounts for nearly half of GDP, 90% of export revenues,
and 70% of government income. Kuwait lacks water and has practically
no arable land, thus preventing development of agriculture. With the
exception of fish, it depends almost wholly on food imports. About
75% of potable water must be distilled or imported. Because of its
high per capita income, comparable with Western European incomes,
Kuwait provides its citizens with extensive health, educational, and
retirement benefits. Per capita military expenditures are among the
highest in the world. The economy improved moderately in 1994-95,
with the growth in industry and finance. The World Bank has urged
Kuwait to push ahead with privatization, including in the oil
industry, but the government will move slowly on this front.

GDP: purchasing power parity - $30.8 billion (1995 est.)

GDP real growth rate: 3% (1995 est.)

GDP per capita: $17,000 (1995 est.)

GDP composition by sector:
agriculture: 0%
industry: 55%
services: 45%

Inflation rate (consumer prices): 5% (1994 est.)

Labor force: 1 million (1994 est.)
by occupation: industry and agriculture 25.0%, services 25.0%,
government and social services 50.0%
note: 80% of labor force non-Kuwaiti (1994 est.)

Unemployment rate: NEGL% (1992 est.)

Budget:
revenues: $9.7 billion
expenditures: $14.2 billion, including capital expenditures of $NA
(FY95/96 est.)

Industries: petroleum, petrochemicals, desalination, food
processing, construction materials, salt, construction

Industrial production growth rate: 1% (1995 est.)

Electricity:
capacity: 7,070,000 kW
production: 11 billion kWh
consumption per capita: 6,007 kWh (1993)

Agriculture: practically no crops; extensive fishing