Indicators of economy in Kuwait

Income and purchasing power

The average monthly income in Kuwait is 3,383 US Dollar per capita. In the USA, the figure is 6,398 US Dollar. However, the prices of consumer goods are also around 42.6 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Kuwait than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 7.8 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

A special feature of Kuwait is its reputation as a tax haven. It is one of only 18 countries in the world where no income tax is levied. Please also read our country comparison of income tax.

Economic performance 2022

In the Global Innovation Index, Kuwait ranked 64th in 2023 with 29.9 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 129 countries. The top country was Switzerland with 67.6 points. The two largest listed companies in Kuwait are Kuwait Finance House with a market capitalization of 35,300.000 trillion dollars and National Bank of Kuwait with 25,360.000 trillion dollars. They are the only companies nationwide to be included in the list of Forbes Global 2000 in 2023. This independent list publishes the 2000 largest companies worldwide annually. Kuwait Finance House was ranked 605th by Forbes and National Bank of Kuwait was ranked 668th.

Development of gross domestic product in billions of USD 1970 - 2022

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Kuwait. Overall, gross domestic product in 2020 fell from 136.19 billion US dollars to 105.95 billion US dollars. With a large drop of 22.21 percent, the economy in Kuwait has struggled significantly more than other countries. The tourism sector alone slumped by around 56 percent. The unemployment rate rose from 2.2 to 3.3 percent. The country's gross debt fell by 23.3 percent. The consumer inflation rate has risen from 1.1 percent previously to 2.1 percent now.

There was already a recovery in 2021 and gross domestic product rose to 137.38 billion (=100.9% of 2019).

Largest economic sectors

• Petroleum
• Petrochemicals
• Cement
• Shipbuilding and repair
• Water desalination
• Food processing
• Construction materials

Imports and Exports 2022

Development of imports and exports in billions of USD 1975 - 2022

National debt in Kuwait

The government debt of Kuwait refers to the debt of the state proper, but not its federal states, municipalities and institutions.

The government debt in the period from 1991 to 2022 was between 5.1 billion and 24.7 billion USD. The highest level within the past 31 years was reached in 2017. However, the liabilities in 2022 have been only five billion USD

Based on the number of inhabitants, this is a debt of 1,201 USD per person. For comparison, the average debt per person in the same year in the European Union was 29,765 USD.

Public debt of the last 31 years in billions of USD

Comparison of gross debt per capita with the European Union in U.S. dollars

Unemployment rates in percentages 1991 - 2022

The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.