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    Kuwait Economy 2000

      Economy - overview: Kuwait is a small, relatively open economy with proved crude oil reserves of about 94 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 75% 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. Higher oil prices reduced the budget deficit from $5.5 billion to $3 billion in 1999, and prices are expected to remain relatively strong throughout 2000. The government is proceeding slowly with reforms. It inaugurated Kuwait's first free-trade zone in 1999 and will continue discussions with foreign oil companies to develop fields in the northern part of the country.

      GDP: purchasing power parity - $44.8 billion (1999 est.)

      GDP - real growth rate: 1.1% (1999 est.)

      GDP - per capita: purchasing power parity - $22,500 (1999 est.)

      GDP - composition by sector:
      agriculture: 0%
      industry: 55%
      services: 45% (1996)

      Population below poverty line: NA%

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

      Inflation rate (consumer prices): 2% (1999 est.)

      Labor force: 1.3 million (1998 est.)
      note: 68% of the population in the 15-64 age group is non-national (July 1998 est.)

      Labor force - by occupation: government and social services 50%, services 40%, industry and agriculture 10% (1996 est.)

      Unemployment rate: 1.8% (official 1996 est.)

      Budget:
      revenues: $10 billion
      expenditures: $13 billion, including capital expenditures of $NA (1999 est.)

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

      Industrial production growth rate: 1% (1997 est.)

      Electricity - production: 26.995 billion kWh (1998)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      nuclear: 0%
      other: 0% (1998)

      Electricity - consumption: 25.105 billion kWh (1998)

      Electricity - exports: 0 kWh (1998)

      Electricity - imports: 0 kWh (1998)

      Agriculture - products: practically no crops; fish

      Exports: $13.5 billion (f.o.b., 1999 est.)

      Exports - commodities: oil and refined products, fertilizers

      Exports - partners: Japan 24%, India 16%, US 13%, South Korea 11%, Singapore 8% (1997)

      Imports: $8.1 billion (f.o.b., 1999 est.)

      Imports - commodities: food, construction materials, vehicles and parts, clothing

      Imports - partners: US 22%, Japan 15%, UK 13%, Germany 8%, Italy 6% (1997)

      Debt - external: $9.27 billion (1998 est.)

      Economic aid - recipient: $27.6 million (1995)

      Currency: 1 Kuwaiti dinar (KD) = 1,000 fils

      Exchange rates: Kuwaiti dinars (KD) per US$1 - 0.3042 (January 2000), 0.3044 (1999), 0.3047 (1998), 0.3033 (1997), 0.2994 (1996), 0.2984 (1995)

      Fiscal year: 1 July - 30 June

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