Kuwait


Kuwait Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Kuwait; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of Kuwait
International Reserves US$ 29.682 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 202.166 billion (2010 estimate)
GDP (Purchasing Power Parity) 165.665 billion of International dollars (2010 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
0.7% 2.8% 17.4% 11.2% 10.4% 5.3% 4.5% 5%
2009 2010 2011 2012*
-5.2% 3.4% 8.2% 6.6%

*Estimate

GDP per capita - current prices US$ 53,419 (2010 estimate)
GDP per capita - PPP $43,774 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.31% 0.17% 0.17% 0.19% 0.19%

**Forecast

GDP - composition by sector
  • agriculture: 0.3% 
  • industry: 48% 
  • services: 51.8% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
4%(2008) 4% 4.7% 3.5%

*Estimate

Unemployment rate
2009 2010 2011 2012*
1.6% 2.1% 2.1%(2009) 2.1%

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
9.8% 11.3% 10.5% 7.3% 6.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
19.8% 27.2% 24.2% 31% 34.5%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: AA

Moody's rating: Aa2

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$95.94 billion US$119.6 billion US$100.9 billion
Largest companies in Kuwait National Bank of Kuwait (Regional Banks), Kuwait Finance House (Regional Banks), Zain (Telecommunications services) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 93.3 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP 46.2% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

N/A

(Data released on April 2012)

Shares in world total merchandising export 0.57%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.23% (2011)(2007)

(Data were released in 2012)

Total exports US$109.4 billion (2012 estimate) 
Export commodities oil and refined products, fertilizers
Total imports US$24.1 billion (2012 estimate) 
Import commodities food, construction materials, vehicles and parts, clothing
Exports - major partners South Korea 18.3%, Japan 14.2%, India 13.4%, China 9.9%, US 8.7% (2011)
Imports - major partners US 11.9%, India 10%, China 9.3%, Saudi Arabia 8%, South Korea 6.3%, Japan 5.9%, Germany 4.8%, UAE 4.1% (2011)
FDI inflows
2009 2010 2011
US$1,114 million US$319 million(2009) US$399 million(2009)
FDI outflows
2009 2010 2011
US$8,582 million US$5,065 million US$8,711 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$2,147 million US$124 million(2009) US$-10,810 million(2009) US$2,033 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 82 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 142 out of 185 countries(2009)

Enforcing Contracts: 117 out of 185 countries

Registering Property: 89 out of 185 countries

Getting credit: 104 out of 185 countries

Protecting investors: 32 out of 185 countries

Trading across border: 113 out of 185 countries

Paying Taxes: 11 out of 185 countries

Dealing with Construction Permits: 119 out of 185 countries

Getting Electricity: 55 out of 185 countries

Resolving Insolvency: 92 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
37

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 71 Score: 62.5 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+3
Total area 17,818 km2 (2006)
Capital Kuwait (2009)
Currency Kuwaiti dinars (KD) (2009)
Government type constitutional emirate (2009)
Languages Arabic (official), English widely spoken
Religions Muslim 85% (Sunni 70%, Shia 30%), other (includes Christian, Hindu, Parsi) 15%
Total population
1980 1990 2000 2012* 2017**
1.37 million 2.13 million 2.22 million 3.79 million 4.34 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
74.9% 94.8% 98.2% 98.3%
Population median age 28 years (2010)
Population growth rate 2.9% (2011)
Life expectancy 74 years (2010)
Adult literacy 94% (2005/2010)
% of population living on less than $2 a day N/A
Inequality of wealth distribution (Gini index)

N/A

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:4
Civil Liberties:5 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

181.47% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 74.2% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Kuwait City: 159th (2011)

CO2 emissions
(Metric tons of CO2 per capita)

30.3085 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S SAFEST EMERGING MARKETS BANKS

2012:
  • OVERALL SAFEST National Bank of Kuwait (National, 2012)
  • OVERALL SAFEST Kuwait Finance House (National, 2012)
  • OVERALL SAFEST Commercial Bank of Kuwait (National, 2012)
  • REGIONAL WINNERS National Bank of Kuwait (National, 2012)
  • REGIONAL WINNERS Kuwait Finance House (National, 2012)

WORLD'S BEST TREASURY & CASH MANAGEMENT BANKS & PROVIDERS

2011:
  • Best Provider of Money Market Funds National Bank of Kuwait (National, 2011)

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2013)
2012:
  • COUNTRY WINNERS National Bank of Kuwait (2012)
2011:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2011)
2010:
  • COUNTRY WINNERS National Bank of Kuwait (Middle East, 2010)
2009:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2009)

WORLD'S BEST BANKS

2012:
  • REGIONAL National Bank of Kuwait (National, 2012)
2011:
  • Islamic Finance Kuwait Finance House (National, 2011)
  • REGIONAL National Bank of Kuwait (National, 2011)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2012)
  • COUNTRY WINNERS / Best Consumer Internet Banks Kuwait Finance House (National, 2012)
2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks Kuwait Finance House (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Kuwait Finance House (Global, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks HSBC (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2009)

WORLD'S BEST ISLAMIC FINANCE INSTITUTIONS

2012:
  • COUNTRY WINNERS Kuwait Finance House (National, 2012)
2011:
  • OVERALL WINNERS / Best Islamic Real Estate Finance Provider Kuwait Finance House (National, 2011)
  • REGIONAL WINNERS Kuwait Finance House (National, 2011)
  • COUNTRY WINNERS Kuwait Finance House (National, 2011)
2010:
  • OVERALL WINNERS / Best Islamic Real Estate Finance Provider Kuwait Finance House (National, 2010)
  • REGIONAL WINNERS Kuwait Finance House (Global, 2010)
  • COUNTRY WINNERS Kuwait Finance House (National, 2010)
2009:
  • REGIONAL WINNERS Kuwait Finance House (National, 2009)
  • COUNTRY WINNERS Kuwait Finance House (Middle East, 2009)

WORLD'S SAFEST BANKS

2013:
  • OVERALL SAFEST National Bank of Kuwait (Global, 2013)
  • REGIONAL WINNERS National Bank of Kuwait (Middle East/Africa, 2013)
  • REGIONAL WINNERS Kuwait Finance House (Middle East/Africa, 2013)
2012:
  • OVERALL SAFEST National Bank of Kuwait (Central and Eastern Europe, 2012)
  • REGIONAL WINNERS National Bank of Kuwait (National, 2012)
  • REGIONAL WINNERS Kuwait Finance House (National, 2012)
2011:
  • REGIONAL WINNERS National Bank of Kuwait (National, 2011)
  • REGIONAL WINNERS Kuwait Finance House (National, 2011)
  • OVERALL SAFEST National Bank of Kuwait (National, 2011)
  • OVERALL SAFEST Kuwait Finance House (National, 2011)
  • OVERALL SAFEST Commercial Bank of Kuwait (National, 2011)
2010:
  • OVERALL SAFEST National Bank Of Kuwait (2010)
  • REGIONAL WINNERS National Bank of Kuwait (2010)
  • REGIONAL WINNERS Kuwait Finance House (Global, 2010)
2009:
  • OVERALL SAFEST National Bank Of Kuwait (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2012)
2011:
  • REGIONAL WINNERS National Bank of Kuwait (National, 2011)
  • COUNTRY WINNERS National Bank of Kuwait (National, 2011)
2010:
  • REGIONAL WINNERS National Bank of Kuwait (Global, 2010)
  • COUNTRY WINNERS National Bank of Kuwait (Middle East, 2010)
2009:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS HSBC (National, 2012)
2011:
  • COUNTRY WINNERS HSBC (Sheikh Salem AbdulAziz Al-Sabah, 2011)
2010:
  • COUNTRY WINNERS HSBC (National, 2010)
2009:
  • COUNTRY WINNERS HSBC (National, 2009)

WORLD'S BEST INVESTMENT BANKS

2013:
  • COUNTRY WINNERS NBK Capital (National, 2013)
2012:
  • COUNTRY WINNERS Markaz (National, 2012)
2011:
  • DEALS OF THE YEAR / Advising Acquirer Global Investment House (National, 2011)
  • COUNTRY WINNERS Markaz (National, 2011)
2010:
  • GLOBAL / Best Up-and-Comer GulfMerger (National, 2010)
  • COUNTRY WINNERS NBK Capital (Global, 2010)
2009:
  • COUNTRY WINNERS NBK Capital (National, 2009)

CENTRAL BANKER REPORT CARD

2012:
2011:

WORLD'S BIGGEST BANKS

2010:
  • WORLD'S BIGGEST BANKS National Bank of Kuwait (Global, 2010)

TOP 200 EMERGING MARKETS BANKS

2010:
  • OVERALL BIGGEST National Bank of Kuwait (National, 2010)
  • OVERALL BIGGEST Kuwait Finance House (National, 2010)
  • OVERALL BIGGEST Gulf Bank (Mohammad Yusef Al-Hashel, 2010)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • REGIONAL WINNERS National Bank of Kuwait (National, 2013)
  • COUNTRY WINNERS National Bank of Kuwait (National, 2013)
2012:
  • COUNTRY WINNERS Gulf Bank (National, 2012)
2011:
  • COUNTRY WINNERS Gulf Bank (National, 2011)
2010:
  • COUNTRY WINNERS National Bank of Kuwait (Middle East, 2010)
2009:
  • COUNTRY WINNERS National Bank of Kuwait (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE