Kuwait's Macroeconomic Statistics
Kuwait's economy is relatively open and very robust. When compared with the nations that border it, the country is much more liberal as well. Kuwait is a very industrialized country, and the fourth richest per capita in the world. It also has the fifth-largest known oil reserve.
Petroleum and related products account for almost 95% of exports, and 80% of government revenue. The recent spike in oil prices has been good for Kuwait's economy, and thus the government wants to reduce reliance on oil by turning the country into a center for tourism and trade.
The climate of Kuwait severely limits the amount of agricultural development that can be done, so Kuwaitis depend almost exclusively on imported food (except for fish). Besides food, the main imports to Kuwait are vehicle parts, construction materials, and apparel. The top import partners of Kuwait are the United States (14.1%), Japan with 7.8%, Germany with 7.7%, Saudi Arabia with 6.8%, China's 5.7%, the UK's 5.4%, and Italy's 4.6%.
Kuwait's chief exports are oil and associated refined products, as well as fertilizers. They export to Japan with 20.4%, South Korea with 16.2%, Taiwan with 10.8%, Singapore with 9.7%, the US with 9%, the Netherlands with 5.3%, and China with 4.1%. Kuwait's other major industries are shipping, construction and materials, water desalination, cement, and financial services.
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