Kuwait ranked 59/197 by economy size with a GDP of $160B and 38/197 by GDP per capita at $32,214. Kuwait has $4.86B in government debt, with a debt-to-GDP ratio of 7.35%.
In 2025, Kuwait made up 0.14% of the world's economy, compared to 0.12% in 1962.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1962 | $1,828,107,503 | - | - |
| 1963 | $1,900,895,857 | - | 3.98% |
| 1964 | $2,071,668,533 | - | 8.98% |
| 1965 | $2,097,199,161 | - | 1.23% |
| 1966 | $2,391,199,044 | - | 14% |
| 1967 | $2,441,599,023 | - | 2.11% |
| 1968 | $2,662,798,935 | - | 9.06% |
| 1969 | $2,769,198,892 | - | 4% |
| 1970 | $2,873,638,851 | $55,498,511,025 | 3.77% |
| 1971 | $3,880,392,195 | $59,407,649,076 | 35% |
| 1972 | $4,450,537,925 | $61,725,008,613 | 14.7% |
| 1973 | $5,408,804,607 | $57,669,629,423 | 21.5% |
| 1974 | $13,006,948,296 | $50,177,583,545 | 140.5% |
| 1975 | $12,022,811,621 | $44,018,581,867 | -7.57% |
| 1976 | $13,132,252,802 | $46,926,530,604 | 9.23% |
| 1977 | $14,137,406,741 | $45,121,015,041 | 7.65% |
| 1978 | $15,503,557,496 | $48,439,563,893 | 9.66% |
| 1979 | $24,749,063,922 | $55,172,280,797 | 59.6% |
| 1980 | $28,638,868,356 | $44,462,929,931 | 15.7% |
| 1981 | $25,058,020,338 | $36,048,439,965 | -12.5% |
| 1982 | $21,577,153,356 | $31,813,071,689 | -13.9% |
| 1983 | $20,871,081,080 | $34,338,543,611 | -3.27% |
| 1984 | $21,700,082,753 | $36,138,434,512 | 3.97% |
| 1985 | $21,445,970,614 | $34,597,277,928 | -1.17% |
| 1986 | $17,903,989,745 | $37,561,473,256 | -16.5% |
| 1987 | $22,368,704,134 | $40,621,287,790 | 24.9% |
| 1988 | $20,690,322,153 | $36,537,785,305 | -7.5% |
| 1989 | $24,313,855,653 | $45,998,461,858 | 17.5% |
| 1990 | $18,427,777,778 | $33,933,574,736 | -24.2% |
| 1991 | $11,009,993,703 | $20,018,165,442 | -40.3% |
| 1992 | $19,858,555,215 | $36,595,073,928 | 80.4% |
| 1993 | $23,941,391,391 | $49,033,910,658 | 20.6% |
| 1994 | $24,848,483,838 | $53,170,492,583 | 3.79% |
| 1995 | $27,186,980,647 | $55,753,669,973 | 9.41% |
| 1996 | $31,492,373,309 | $56,091,050,572 | 15.8% |
| 1997 | $30,350,190,704 | $57,478,364,694 | -3.63% |
| 1998 | $25,943,705,784 | $59,583,253,865 | -14.5% |
| 1999 | $30,122,365,849 | $58,517,304,017 | 16.1% |
| 2000 | $37,718,743,480 | $61,264,446,763 | 25.2% |
| 2001 | $34,889,559,870 | $61,395,143,785 | -7.5% |
| 2002 | $38,135,788,414 | $63,245,767,261 | 9.3% |
| 2003 | $47,874,582,232 | $74,203,741,809 | 25.5% |
| 2004 | $59,439,090,601 | $81,802,426,141 | 24.2% |
| 2005 | $80,798,630,137 | $90,480,882,329 | 35.9% |
| 2006 | $101,557,330,723 | $97,280,315,244 | 25.7% |
| 2007 | $114,634,043,362 | $103,108,938,789 | 12.9% |
| 2008 | $147,379,737,230 | $105,665,789,857 | 28.6% |
| 2009 | $105,968,691,905 | $98,188,818,939 | -28.1% |
| 2010 | $115,416,245,238 | $95,861,205,809 | 8.92% |
| 2011 | $154,039,231,299 | $105,091,330,589 | 33.5% |
| 2012 | $174,047,662,555 | $112,054,550,828 | 13% |
| 2013 | $174,168,116,687 | $113,342,579,056 | 0.07% |
| 2014 | $162,650,450,785 | $113,910,328,740 | -6.61% |
| 2015 | $114,585,555,831 | $114,585,555,831 | -29.6% |
| 2016 | $109,406,674,088 | $117,938,416,139 | -4.52% |
| 2017 | $120,687,539,676 | $112,380,895,320 | 10.3% |
| 2018 | $138,646,316,322 | $115,463,874,741 | 14.9% |
| 2019 | $140,856,394,870 | $118,077,765,457 | 1.59% |
| 2020 | $111,045,470,461 | $112,389,026,890 | -21.2% |
| 2021 | $148,350,671,614 | $114,268,887,222 | 33.6% |
| 2022 | $183,502,046,669 | $121,991,940,847 | 23.7% |
| 2023 | $165,384,407,267 | $119,958,084,015 | -9.87% |
| 2024 | $160,227,273,001 | $116,887,023,751 | -3.12% |
Economic Statistics of Kuwait
Kuwait
|
Rank | |
|---|---|---|
| Gross domestic product |
$160B
2024 |
59/197 |
| GDP growth |
-3.12%
2023-2024 |
184/196 |
| GDP per capita |
$32,214
2024 |
38/197 |
| GDP per capita, PPP |
$51,636
2024 |
41/197 |
| Government debt |
$4.86B
2024 |
144/185 |
| Debt-to-GDP ratio |
7.35%
2025 |
182/185 |
| Government debt per person |
$978
2024 |
143/185 |
| Average annual personal income after taxes |
$28,320
2025 |
29/197 |
| Listed domestic companies |
138
2024 |
42/103 |
| Market capitalization of domestic companies |
$141B
2024 |
36/100 |
| Government expenditure, % of GDP |
52.3%
2025 |
15/195 |
| Consumer prices inflation |
2.9%
2023-2024 |
110/195 |
| Central bank interest rate |
3.75%
2025 |
80/105 |
| Unemployment rate |
2.16%
2016 |
171/196 |
| Population |
5128257
|
127/197 |
Kuwait's GDP per capita
Kuwait has a GDP per capita of $32,214, ranking 38/197, a GDP per capita based on purchasing power parity (PPP) of $51,636, ranking 41/197, and a median annual after tax income of $28,320, ranking 29/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1962 | $4,748 | - |
| 1963 | $4,445 | - |
| 1964 | $4,379 | - |
| 1965 | $4,024 | - |
| 1966 | $4,176 | - |
| 1967 | $3,887 | - |
| 1968 | $3,872 | - |
| 1969 | $3,695 | - |
| 1970 | $3,552 | - |
| 1971 | $4,486 | - |
| 1972 | $4,836 | - |
| 1973 | $5,532 | - |
| 1974 | $12,527 | - |
| 1975 | $10,882 | - |
| 1976 | $11,141 | - |
| 1977 | $11,238 | - |
| 1978 | $11,567 | - |
| 1979 | $17,386 | - |
| 1980 | $19,032 | - |
| 1981 | $15,825 | - |
| 1982 | $12,979 | - |
| 1983 | $11,965 | - |
| 1984 | $11,919 | - |
| 1985 | $11,322 | - |
| 1986 | $9,077 | - |
| 1987 | $10,896 | - |
| 1988 | $9,692 | - |
| 1989 | $10,965 | - |
| 1990 | $10,938 | $30,763 |
| 1991 | $8,147 | $23,390 |
| 1992 | $12,146 | $36,149 |
| 1993 | $14,318 | $48,482 |
| 1994 | $14,930 | $53,946 |
| 1995 | $16,168 | $57,163 |
| 1996 | $18,201 | $56,913 |
| 1997 | $16,977 | $57,420 |
| 1998 | $14,067 | $58,344 |
| 1999 | $15,854 | $56,406 |
| 2000 | $19,296 | $58,703 |
| 2001 | $17,374 | $58,553 |
| 2002 | $18,513 | $59,713 |
| 2003 | $22,691 | $69,752 |
| 2004 | $27,552 | $77,227 |
| 2005 | $36,123 | $84,968 |
| 2006 | $42,947 | $89,075 |
| 2007 | $45,709 | $91,435 |
| 2008 | $55,585 | $90,337 |
| 2009 | $37,907 | $80,110 |
| 2010 | $39,212 | $75,184 |
| 2011 | $49,170 | $79,037 |
| 2012 | $52,155 | $82,090 |
| 2013 | $49,651 | $76,813 |
| 2014 | $44,369 | $68,337 |
| 2015 | $29,882 | $45,267 |
| 2016 | $27,324 | $41,862 |
| 2017 | $29,048 | $46,566 |
| 2018 | $32,068 | $51,371 |
| 2019 | $31,708 | $50,703 |
| 2020 | $25,236 | $41,462 |
| 2021 | $34,019 | $50,652 |
| 2022 | $39,982 | $55,043 |
| 2023 | $34,076 | $53,025 |
| 2024 | $32,214 | $51,636 |
Kuwait's government spending, deficit, and chart
This chart shows Kuwait's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 36 years, Kuwait recorded a fiscal deficit in 5 years — average annual surplus equal to +17.2% of GDP. In 2024, government spending reached $81.4B (52.3% of GDP), with a surplus of +23.6%.
The national debt reached $4.86B, ranking 144th out of 185 countries by total size, with a debt-to-GDP ratio of 7.35%, ranking 182nd.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1990 | 121.5% | - | -47.5% |
| 1991 | 206.5% | 45.3% | -141.7% |
| 1992 | 76.8% | 27.9% | -26.5% |
| 1993 | 57.6% | 28.8% | -1.68% |
| 1994 | 57% | 37.7% | 3.43% |
| 1995 | 51% | 34.9% | 13.6% |
| 1996 | 41.9% | 26.5% | 26.1% |
| 1997 | 43% | 24.3% | 31.4% |
| 1998 | 50.9% | 25.6% | 21.3% |
| 1999 | 43.8% | 25.5% | 29.9% |
| 2000 | 29.3% | 21.4% | 54.3% |
| 2001 | 40.7% | 23% | 47.1% |
| 2002 | 42.1% | 21.3% | 32.7% |
| 2003 | 37.7% | 17.2% | 28.7% |
| 2004 | 34.9% | 13.9% | 33.9% |
| 2005 | 28.5% | 10.2% | 39.9% |
| 2006 | 32.1% | 7.79% | 28.6% |
| 2007 | 30.2% | 7.05% | 37.5% |
| 2008 | 40.7% | 5.38% | 21.6% |
| 2009 | 42.6% | 6.65% | 31.5% |
| 2010 | 45.3% | 6.16% | 31.9% |
| 2011 | 39.5% | 4.64% | 38.6% |
| 2012 | 38% | 3.6% | 40.3% |
| 2013 | 38.3% | 3.09% | 40% |
| 2014 | 44.9% | 3.43% | 29.2% |
| 2015 | 55.2% | 4.6% | 15.2% |
| 2016 | 54% | 9.88% | 11.5% |
| 2017 | 51.5% | 19.6% | 13.9% |
| 2018 | 50.6% | 14.3% | 16.3% |
| 2019 | 49.8% | 10.5% | 11.6% |
| 2020 | 62.5% | 10.2% | -1.88% |
| 2021 | 48.1% | 7.19% | 8.31% |
| 2022 | 39.4% | 2.94% | 28.2% |
| 2023 | 48.7% | 3.17% | 26.3% |
| 2024 | 50.8% | 3.04% | 21.6% |
| 2025 | 52.3% | 7.35% | 23.6% |
Inflation rate by year
Over the past 20 years, Kuwait has had an average annual inflation rate of 3.62%. In 2024, inflation was 2.9%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1973 | 8.27% |
| 1974 | 13% |
| 1975 | 8.39% |
| 1976 | 5.24% |
| 1977 | 9.89% |
| 1978 | 8.69% |
| 1979 | 7.05% |
| 1980 | 6.93% |
| 1981 | 7.37% |
| 1982 | 7.78% |
| 1983 | 4.72% |
| 1984 | 1.18% |
| 1985 | 1.49% |
| 1986 | 0.95% |
| 1987 | 0.65% |
| 1988 | 1.47% |
| 1989 | 3.34% |
| 1990 | 9.83% |
| 1991 | 9.06% |
| 1992 | -0.55% |
| 1993 | 0.38% |
| 1994 | 2.53% |
| 1995 | 2.69% |
| 1996 | 3.55% |
| 1997 | 0.68% |
| 1998 | 0.13% |
| 1999 | 2.99% |
| 2000 | 1.81% |
| 2001 | 1.3% |
| 2002 | 0.89% |
| 2003 | 0.96% |
| 2004 | 1.25% |
| 2005 | 4.14% |
| 2006 | 3.06% |
| 2007 | 5.48% |
| 2008 | 10.6% |
| 2009 | 4.61% |
| 2010 | 4.5% |
| 2011 | 4.84% |
| 2012 | 3.26% |
| 2013 | 2.68% |
| 2014 | 2.91% |
| 2015 | 3.27% |
| 2016 | 3.2% |
| 2017 | 2.17% |
| 2018 | 0.54% |
| 2019 | 1.09% |
| 2020 | 2.1% |
| 2021 | 3.42% |
| 2022 | 3.98% |
| 2023 | 3.64% |
| 2024 | 2.9% |
Balance of trade
|
Kuwait
|
Rank | |
|---|---|---|
Current account balance
|
$46.7B
2024 |
13/189 |
| Current account balance, % of GDP |
+29.1%
2024 |
2/189 |
| Goods imports |
$33.4B
2024 |
63/188 |
| Goods exports |
$77.5B
2024 |
44/188 |
| Service imports |
$28.1B
2024 |
40/188 |
| Service exports |
$12.2B
2024 |
62/188 |
| Imports of goods and services, % of GDP |
30.5%
2022 |
130/180 |
| Exports of goods and services, % of GDP |
60.4%
2022 |
40/193 |
Kuwait's top 10 trading partners
Kuwait's biggest trading partner accounting for 17.7%% of all exports and imports is China, with a trade balance between the two of -$6.56B — Kuwait exports $688M worth of goods and services to China and imports $7.24B.
Below is the list of the top 10 trade partners of Kuwait.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$7.93B | 17.7% | $688M | $7.24B | Chemicals & pharma | Machinery & equipment |
| 2 |
UAE
|
$6.17B | 13.7% | $1.36B | $4.81B | Machinery & equipment | Precious metals & jewellery |
| 3 |
United States
|
$3.49B | 7.77% | $36.6M | $3.45B | Machinery & equipment | Machinery & equipment |
| 4 |
India
|
$3.18B | 7.09% | $1.24B | $1.94B | Chemicals & pharma | Raw agricultural goods |
| 5 |
Saudi Arabia
|
$2.82B | 6.29% | $858M | $1.96B | Machinery & equipment | Chemicals & pharma |
| 6 |
Japan
|
$1.99B | 4.44% | $3.57M | $1.99B | Chemicals & pharma | Machinery & equipment |
| 7 |
Germany
|
$1.57B | 3.51% | $9.91M | $1.56B | Machinery & equipment | Machinery & equipment |
| 8 |
Italy
|
$1.39B | 3.09% | $42.1M | $1.35B | Textiles & consumer goods | Textiles & consumer goods |
| 9 |
France
|
$1.1B | 2.45% | $16.4M | $1.08B | Chemicals & pharma | Chemicals & pharma |
| 10 |
Switzerland
|
$1.09B | 2.43% | $23.1M | $1.07B | Precious metals & jewellery | Precious metals & jewellery |
Kuwait's top 10 exports
|
Kuwait
|
Rank | |
|---|---|---|
| Raw materials & minerals | $69.1B | 20/193 |
| IT & IP services | $4.61B | 32/183 |
| Transport & tourism services | $3.59B | 81/188 |
| Chemicals & pharma | $3.16B | 53/193 |
| Machinery & equipment | $2.22B | 70/193 |
| Business & finance services | $1.77B | 65/188 |
| Manufacturing & construction services | $795M | 49/164 |
| Government & miscellaneous services | $554M | 28/180 |
| Precious metals & jewellery | $341M | 81/190 |
| Textiles & consumer goods | $294M | 98/193 |
Kuwait's top 10 imports
|
Kuwait
|
Rank | |
|---|---|---|
| Transport & tourism services | $20.4B | 35/188 |
| Machinery & equipment | $13.5B | 60/193 |
| Chemicals & pharma | $5.51B | 62/193 |
| Business & finance services | $5.41B | 45/188 |
| Textiles & consumer goods | $3.66B | 57/193 |
| Processed food, beverages & tobacco | $2.74B | 63/193 |
| Precious metals & jewellery | $2.73B | 28/193 |
| Metals | $2.46B | 69/193 |
| Manufacturing & construction services | $2.42B | 24/163 |
| Animal & marine products | $2.01B | 42/193 |
Economic freedom indices
|
Kuwait
|
Rank | |
|---|---|---|
| Economic freedom | 59.9 | 98/197 |
| Property rights | 42.7 | 113/182 |
| Government integrity | 46.9 | 113/182 |
| Judicial effectiveness | 42.9 | 113/182 |
| Tax burden | 97.7 | 5/181 |
| Government spending | 38.2 | 158/180 |
| Fiscal health | 100 | 1/181 |
| Business freedom | 57.4 | 115/182 |
| Labor freedom | 49 | 143/182 |
| Monetary freedom | 67.8 | 129/180 |
| Trade freedom | 75.6 | 68/181 |
| Investment freedom | 50 | 115/181 |
| Financial freedom | 50 | 85/181 |
Kuwait's economic freedom by year
Kuwait is ranked 86/180 for economic freedom with a score of 59.9, compared to 46/163 and a score of 64.6 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1996 | 66.1 | - | 99.9 | 10.9 | - |
| 1997 | 64.8 | - | 99.9 | 0.8 | - |
| 1998 | 66.3 | - | 99.9 | 16.4 | - |
| 1999 | 69.5 | - | 99.9 | 40.6 | - |
| 2000 | 69.7 | - | 99.9 | 39.3 | - |
| 2001 | 68.2 | - | 99.9 | 44.5 | - |
| 2002 | 65.4 | - | 99.9 | 41.9 | - |
| 2003 | 66.7 | - | 99.9 | 48.8 | - |
| 2004 | 63.6 | - | 99.9 | 42.2 | - |
| 2005 | 64.6 | - | 99.9 | 51.3 | - |
| 2006 | 66.5 | - | 99.9 | 57.1 | - |
| 2007 | 66.4 | - | 99.9 | 60.7 | - |
| 2008 | 68.1 | - | 99.9 | 74.6 | - |
| 2009 | 65.6 | - | 99.9 | 63.7 | - |
| 2010 | 67.7 | - | 99.9 | 76.6 | - |
| 2011 | 64.9 | - | 99.9 | 69.7 | - |
| 2012 | 62.5 | - | 99.9 | 47.2 | - |
| 2013 | 63.1 | - | 99.9 | 61.5 | - |
| 2014 | 62.3 | - | 97.7 | 55.6 | - |
| 2015 | 62.5 | - | 97.7 | 61.1 | - |
| 2016 | 62.7 | - | 97.7 | 57.7 | - |
| 2017 | 65.1 | 56.4 | 97.7 | 40.8 | 99.8 |
| 2018 | 62.2 | 53.5 | 97.7 | 20.5 | 99.3 |
| 2019 | 60.8 | 43.3 | 97.7 | 17.3 | 99.1 |
| 2020 | 63.2 | 47 | 97.7 | 22.4 | 99.6 |
| 2021 | 64.1 | 52.6 | 97.7 | 21.4 | 99.7 |
| 2022 | 58.3 | 42 | 97.7 | 4 | 99.7 |
| 2023 | 56.7 | 43.8 | 97.7 | 3.2 | 80.9 |
| 2024 | 58.5 | 41.4 | 97.7 | 11.3 | 100 |
| 2025 | 59.9 | 42.9 | 97.7 | 38.2 | 100 |
More economic indicators
|
Kuwait
|
Rank | |
|---|---|---|
| Services, % of GDP |
55.9%
2024 |
103/191 |
| Industry, % of GDP |
57.1%
2024 |
5/194 |
| Agriculture, forestry, and fishing, % of GDP |
0.49%
2024 |
183/193 |
|
GNI, Atlas method
|
$200B
2024 |
57/194 |
| GNI per capita, PPP |
$62,460
2024 |
25/191 |
| Total reserves including gold |
$50.7B
2024 |
41/177 |
|
Net foreign direct investment
|
$9.71B
2024 |
16/188 |
|
Net inflows of foreign direct investment
|
$615M
2024 |
110/193 |
|
Net outflows of foreign direct investment
|
$10.3B
2024 |
27/187 |
|
Gross capital formation, % of GDP
|
16.9%
2022 |
148/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Kuwait topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.