Economy Kuwait economy The latest economic and demographic indicators for Kuwait, including GDP, inflation, oil prices, trade, population, unemployment and more November 21, 2024, 1:25 AM Shutterstock More economic data on the GCC states Bahrain Qatar Kuwait Saudi Arabia Oman UAE For other countries in the region, go to our Mena economic data page Kuwait economic indicators at a glance Kuwait nominal GDP Kuwait GDP per capita Kuwait GDP growth Kuwait oil breakeven prices Kuwait's GDP fell during 2020 and again in 2023. Nominal GDP is projected to decline further before slowly increasing in 2027. Non-oil GDP growth came close to 6 percent in 2021 before tumbling into negative territory. It is now rising again, according to the IMF. Kuwait's oil GDP contracted last year and is projected to fall further in 2024 before recovering. Kuwait's oil breakeven price is expected to be $89 this year but is set to fall to $82 in 2025. Kuwait inflation Kuwait lending, debt & account balance Kuwait's consumer price index has risen since 2018, with inflation reaching 4 percent in 2022 before slipping back. Government gross debt as a percentage of Kuwait's GDP is predicted to increase sharply. Kuwait's current account balance is set to fall, from $63.1 billion in 2022 to less than half that figure in 2027. Kuwait trade Kuwait’s top 10 trade partners Kuwait's trade has picked up since the 2020 pandemic, but both exports and imports are predicted to fall in 2024 before recovering. Kuwait's top exports include mineral fuels, oils and organic chemicals, while its top imports include vehicles, electronic equipment and precious stones and metals. Kuwait foreign direct investment Kuwait sovereign ratings Kuwait governance Inward foreign direct investment into Kuwait has more or less been flat, until an uplift to $2.1 billion in 2023. In comparison Kuwait's outward FDI has been volatile, peaking in 2022 before falling again. Kuwait has high credit ratings scores from Moody's, S&P and Fitch, with stable outlooks. Kuwait's performance in the Corruption Perceptions Index has fluctuated. In 2024 it was three points above the global average, but its score was the lowest in the GCC. Kuwait population Kuwait life expectancy Kuwait unemployment rate Kuwait's population rate has fluctuated but is now growing again, as is Kuwait's life expectancy. The unemployment rate was relatively stable until 2020, but it has fallen since then. Kuwait's unemployment rate is now at its lowest in 10 years. Expats in Kuwait Kuwait expats’ country of origin More than two thirds of Kuwait's residents are expats. More than a third of expats in Kuwait come from India, with high numbers also from Egypt and Bangladesh. More economic indicators The UAE Saudi Arabia All GCC countries The charts and tables on this page are for general information purposes only. AGBI aims to keep the information up-to-date and correct, but makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information. Any reliance you place on such information is therefore strictly at your own risk. All IMF, World Bank and United Nations data on this page is publicly available. The latest IMF World Economic Outlook was published on October 22 2024
