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Economic Development

Since the development of the petroleum industry after World War ll and independence in 1961, oil has dominated the economy making up around 90% of export revenues. In fact the oil sector makes 50 % of the GDP. However there are strategies to expand the private sector. Other important sectors are services, finances and estates. 2014 Kuwait had a GDP of 42,119 US Dollar (estimate GTAI).

The country has a higher export rate than import rate. They exported goods in 2013 in an amount of 101,124m US$ and imported in the amount of 31,554m US$. They import goods especially from China, USA, UAE, Japan and Germany. Important export partners are Japan, India, South Korea, China and the USA. Imports from Germany are for example moto vehicles and parts (32,6 %), machines (15,2%), chemical products (10,3%) or food products (3,3%) (GTAI 2013).