Located at the head of the Persian Gulf between Iraq and Saudi Arabia, Kuwait enjoys strategic importance.
Revenue from petroleum products are the cornerstone of the Kuwaiti economy accounting for over half of GDP, percent of export revenues, and percent of government income.
Kuwait is a oil money-funded welfare state with increasing budget expenditures, particularly on wage hikes for public sector employees.
Agriculture comprised percent of GDP while industry’s share was percent and the share of services was % (2014). Considering the overall domestic political tensions of the economy, the average growth will be around percent over the period 2015-20.
Large investments in the energy sector between 2015 and 2018 including the Al Zour refinery and the Clean Fuels project modernise existing refineries and transport will aid growth.
Under Kuwait Vision 2035, The Kuwaiti government aims to establish a new ideology for strategic planning and visions as well as to transform the country into a financial and international hub. Kuwait enjoys a relatively liberal trade regime with open markets and flexible policies.
In comparison to all other countries in the Middle East region, Kuwait has done little to diversify its economy and is hindered by a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied economic reforms.
About this report
A country profile is an instant guide to the political, economic, demographic, industrial, and business environment of a market. The report provides a range of quantitative and qualitative information on a variety of national aspects including geography, economy, education, demography, labor, political climate, infrastructure, industry, tax, trade, investment and ease of doing business. It also provides a PESTLE analysis of a country’s business climate. The country profile can be an effective tool for businesses in their marketing, strategy and planning exercises.
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