Kuwait

Benefiting from high global oil and gas prices

B1

LOW RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2022.

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GDP USD106bn (World ranking 64, World Bank 2021) 
Population 4.3mn (World ranking 128, World Bank 2021)
Form of state Constitutional Emirate 
Head of state Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah (Emir)
Next elections 2024, legislative
  • World’s seventh largest proven oil reserves.
  • Strategic importance in troubled region and major non-NATO ally of the US.
  • Sound Financial sector
  • High income economy and net creditor status
  • Strong oil and gas revenues generate large fiscal and current account surpluses during times of high oil prices and “excess” earnings are invested in foreign assets and/or used to supplement an oil account that is for the use of future generations.
  • Low external obligations.
  • Generally supportive business environment.
  • Combative political system that can slow reforms and policy implementation.
  • Exposure to oil price and output cycles contributes to growth volatility.
  • Industry is capital intensive and job creation is weak for a growing population, with social repercussions as the unemployed seek alternative means to vent their frustrations.
  • High degree of public ownership and control of oil and gas sectors results in a generally weak private sector.
  • Vulnerability of oil installations and foreign personnel to attacks by extremists and terrorists.
  • Regional volatility and uncertainty.

Trade structure by destination/origin

(% of total, 2021)

Exports Rank Imports
China 21.8%
1
17.6% China
Korea, Republic of 14.2%
2
8.8% United States
India 13.2%
3
8.4% United Arab Emirates
Japan 9.7%
4
6.1% Japan
Vietnam 5.6%
5
6.0% Saudi Arabia

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Petroleum, petroleum products and related materials 76.2%
1
11.6% Road vehicles
Gas, natural and manufactured 7.9%
2
6.6% Other industrial machinery and parts
Organic chemicals 5.0%
3
5.7% Iron and steel
Plastics in primary forms 2.4%
4
5.2% Telecommunication and sound recording apparatus
Other transport equipment 1.7%
5
5.0% Electrical machinery, apparatus and appliances, n.e.s.
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