0517

US diplomatic representation:
chief of mission: Ambassador Ryan C. CROCKER
embassy: Bneid al-Gar (opposite the Kuwait International Hotel),
Kuwait City
mailing address: P.O. Box 77 SAFAT, 13001 SAFAT, Kuwait; Unit 69000,
Kuwait; APO AE 09880-9000
telephone: [965] 2424151 through 2424159
FAX: [965] 2442855

Flag: three equal horizontal bands of green (top), white, and red with
a black trapezoid based on the hoist side

@Kuwait:Economy

Overview: Kuwait is a small and relatively open economy with proved
crude oil reserves of about 94 billion barrels - 10% of world
reserves. Kuwait has rebuilt its war-ravaged petroleum sector; its
crude oil production reached at least 2.0 million barrels per day by
the end of 1993. The government ran a sizable fiscal deficit in 1993.
Petroleum accounts for nearly half of GDP and 90% of export and
government revenues. 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. Because of its high per
capita income, comparable with Western European incomes, Kuwait
provides its citizens with extensive health, educational, and
retirement benefits. Per capita military expenditures are among the
highest in the world. The economy improved moderately in 1994, with
the growth in industry and finance, and should see further gains in
1995, especially if oil prices go up. The World Bank has urged Kuwait
to push ahead with privatization, including in the oil industry, but
the government will move slowly on this front.

National product: GDP - purchasing power parity - $30.7 billion (1994
est.)

National product real growth rate: 9.3% (1994 est.)

National product per capita: $16,900 (1994 est.)

Inflation rate (consumer prices): 3% (1993)

Unemployment rate: NEGL% (1992 est.)

Budget:
revenues: $9 billion
expenditures: $13 billion, including capital expenditures of $NA
(FY92/93)

Exports: $10.5 billion (f.o.b., 1993)
commodities: oil
partners: France 16%, Italy 15%, Japan 12%, UK 11%

Imports: $6.6 billion (f.o.b., 1993)
commodities: food, construction materials, vehicles and parts,
clothing
partners: US 35%, Japan 12%, UK 9%, Canada 9%

External debt: $7.2 billion (December 1989 est.)
note: external debt has grown substantially in 1991 and 1992 to pay
for rest