The state of Kuwait’s economy depends mainly on its sturdy oil revenues it produces. Kuwait produces a large amount of crude oil reserves, producing approximately over 100 billion barrels every day.
The State of Kuwait may be small but is the third largest oil reserves in the world. The non-oil revenue is a total of nearly 8% of the country’s economy revenue. Kuwait’s GDP shows 95% of export revenues and 95% of government income.
The production of refined products and oil& gas in Kuwait, takes up almost half of the Gross Domestic Product (GDP). Apart from the revenues the country’s obtains from the producing oil, the state of Kuwait own investments overseas that provides an extensive income for the economy.
Other means of income for the economy includes construction, ship building and many more industries.
Japan, Taiwan, Germany, South Korea and the United states are the major trading partners of the State of Kuwait.
The petrochemicals, oil & gas industry in the state of Kuwait, are majorly owned by the supreme petroleum council, the ministry of oil, KPC’s operating subsidiaries and the Kuwait petroleum corporation (KPC).
The ministry of Oil manages the relationship with other oil producing countries such as OPEC. While the Supreme Petroleum Council controls the general oil & gas policy for the country.
The state of Kuwait plans to continue investing to expand and increase the amount of oil productions to over 3 million barrels every day by 2020.
The banking sector in Kuwait also remains strong and well capitalized despite the difficulties through 2012, such as the global economic uncertainty.
Sources:
http://www.infoplease.com/encyclopedia/world/kuwait-economy.html http://www.indexmundi.com/kuwait/economy_profile.html
http://www.infoplease.com/encyclopedia/world/kuwait-economy.html
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