ichard LEBARON
embassy: Bayan 36302, Area 14, Al-Masjed Al-Aqsa Street (near the
Bayan palace), Kuwait City
mailing address: P. O. Box 77 Safat 13001 Kuwait; or PSC 1280 APO AE
09880-9000
telephone: [965] 259-1001
FAX: [965] 538-0282

Flag description:
three equal horizontal bands of green (top), white, and red with a
black trapezoid based on the hoist side; design, which dates to
1961, based on the Arab revolt flag of World War I

Economy Kuwait

Economy - overview:
Kuwait is a small, rich, relatively open economy with self-reported
crude oil reserves of about 96 billion barrels - 10% of world
reserves. Petroleum accounts for nearly half of GDP, 95% of export
revenues, and 80% 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. Kuwait continues its discussions with
foreign oil companies to develop fields in the northern part of the
country. High oil prices in recent years have helped build Kuwait's
budget and trade surpluses and foreign reserves. As a result of this
positive fiscal situation, the need for economic reforms is less
urgent and the government has not earnestly pushed through new
initiatives.

GDP (purchasing power parity):
$52.17 billion (2006 est.)

GDP (official exchange rate):
$58.3 billion (2006 est.)

GDP - real growth rate:
8% (2006 est.)

GDP - per capita (PPP):
$21,600 (2006 est.)

GDP - composition by sector:
agriculture: 0.4%
industry: 48.3%
services: 51.3% (2006 est.)

Labor force:
1.136 million
note: non-Kuwaitis represent about 80% of the labor force (2006 est.)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
2.2% (2004 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3% (2006 est.)

Investment (gross fixed):
26.4% of GDP (2006 est.)

Budget:
revenues: $59.58 billion
expenditures: $33.62 billion; including capital expenditures of $NA
(2006 est.)

Public debt:
8.1% of GDP (2006 est.)

Agriculture - products:
practically no crops; fish

Industries:
petroleum, petrochemicals, cement, shipbuilding and repair,
desalination, food processing