Kuwait fund the majority of tehir economy from the income they receive from the oil taht they produce.
17 July 2013
| Last updated on 18 June 2017
Kuwait has an open economy with proven crude oil reserves of about 96 billion barrels which represents about 10% of world reserves.
Petroleum accounts for nearly half of GDP, 90% of export revenues, and 5% of government income. The export of oil marked the beginning of the new era in which the oil sector began to play a key role in the growth of National economy.
Kuwait has limited arable land, which limits its agricultural development. However there are modern farms outside the city in areas such as Wafra, Sulaibiya and Abdali where vegetables are harvested and many animals such as cattle, camels and chickens are reared. Fisheries are the main source of locally available produce. Kuwait is also a big importer of food, from countries all over the world.
The government is playing an important role in encouraging the expansion of industry by giving loans, providing infrastructure facilities and by supporting the newly established industries.
The Kuwaiti Dinar (KD) is the local currency and is the highest value currency in the world. The KD is linked to the dollar and at present exchange rates = $3.51 or 2.30 GBP (April 2013).
