Kuwait Economy

Economic growth:

The economy recorded average annual growth of 0.7% in the decade to 2020. To read more about GDP growth in Kuwait, go to our dedicated page.

Fiscal policy:

Kuwait's fiscal deficit averaged 0.8% of GDP in the decade to 2020. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.5% in the decade to 2022. For more information on Kuwait's unemployment click here.

Inflation:

Inflation averaged 2.6% in the decade to 2022. Go to our Kuwait inflation page for extra insight.

Monetary Policy:

Kuwait's monetary policy rate ended 2022 at 3.50%, up from 2.00% a decade earlier. See our Kuwait monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dinar stayed on the same level vs the U.S. dollar. For more info on the dinar, click here.

The economy is forecast to have roughly flatlined in 2023. OPEC+ cuts led to a 4.1% annual decline in oil output last year; this likely broadly offset a solid expansion in the non-oil sector, which will have benefited from strong employment growth and the expansion of operations at the Al Zour refinery. In contrast, soft real estate activity and slowdowns in business and household credit growth amid higher interest rates will have capped non-oil growth. In politics, the government recently presented the draft FY 2024 (April 2024 to March 2025) budget. The budget pencils in declines in both revenue and expenditure relative to the FY 2023 budget and an over-11%-of-GDP fiscal deficit. That said, our panelists expect a much smaller deficit given the government’s more conservative oil price assumption relative to that of our panelists.

Projections out to 2033.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for Kuwait in the coming years? FocusEconomics collects projections out to 2033 on 44 economic indicators for Kuwait from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Kuwait economy. To download a sample report on the Kuwait's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .