What Do You Know About The Economy Of Kuwait?

Kuwait City is the Capital of the Kuwait. With a tremendous start the activity has slowed down in 2004 and respectively in 2005 where GDP was 6.3 percent and 5.6 percent. The economy of the Kuwait is entirely relying on the Oil. The contribution of oil is 50 percent to the Gross Domestic product and 95 percents budget is gathered by the oil industry. It has world's 10 percent of oil reserves as compared to other countries. It is the on the 13th number as oil producer and it produces 2 million barrel oil on daily basis. Besides oil the country has two other sources of income one is investment in other countries and second is payment made by Iraq against war damages.

Agriculture sector is not much beneficial due to bad weather conditions of Kuwait. It contributes one percent of the Gross Domestic Product. Exports are carried with Japan, United States and Netherlands. The 90 percent of the exports are done by Hydrocarbon. There is a lot of potential in the Kuwaiti market. Many goods are being imported by other countries including food, transportation and electronic products.  Imports are done with United States, Japan and Germany. The consumer's purchasing power is very high.