Efforts to diversify the economy away from hydrocarbons have helped drive industrial development. Non-oil GDP saw 10% growth in 2012, and during the 2006-12 period, manufacturing made up an average of 6.4% of GDP a year. Land, transport and electricity prices are currently the main challenges in growing this sector, but efforts are being made to overcome these issues. In early 2013, the...
Kuwait Industry
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Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.
Significant national budget surpluses provide ample funding to invest in industry and support the goals of the National Industrial Strategy 2015-35. The development of technology parks and a focus on electronics and electrical goods can boost the sector. Manufacturing remains the segment’s backbone, though the utilities segment also grew by an impressive 75.2% from 2006 to 2011. While the...
Oil production retains its key role in the economy, however plans are under way to encourage diversification away from hydrocarbons towards an economy that is more knowledge based. The political climate has been characterised of late by a number of disputes, often resulting in either the resignation of the government or the dissolution of parliament, which has contributed to the slow progress of some projects.
While the contribution of oil to the economy has fallen in recent years, due in part to the global downturn, hydrocarbons still make up nearly half of Kuwait’s GDP and provide the government with around 95% of its annual revenue. Indeed, under the New Development Plan, launched in 2010, oil production is set to rise. However, like all Gulf economies, Kuwait has adopted a long-term strategy of...
Nestled between Iraq and Saudi Arabia in the northwest corner of the Gulf, Kuwait has been a leader of Arab democracy and one of the most liberal nations within the GCC since the country gained independence in 1961. Economically, the country also has a bright future, with strong public finances, a young and well-educated population and vast oil deposits.
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