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Country name:

conventional long form: State of Kuwait
conventional short form: Kuwait
local long form: Dawlat al Kuwayt
local short form: Al Kuwayt

 

Capital:

Kuwait City. Population: 1.2 million (UN estimate 2003).

 

Location:

Middle East, bordering the Persian Gulf, between Iraq and Saudi Arabia

 

Description:
Kuwait shares borders with Iraq and Saudi Arabia. To the southeast lies the Persian Gulf, where Kuwait has sovereignty over nine small islands (the largest is Bubiyan and the most populous is Failaka). The landscape is predominantly desert plateau with a lower, more fertile coastal belt.
 

Map of Kuwait

Area:

17,818 sq km (6,880 sq miles).
 

Population:

2.7 million (UN estimate 2005).
 

Languages:

Arabic, but English is widely understood, especially in commerce and industry

 

Climate:

Kuwait shares European weather patterns but is hotter and drier. Summers (April to October) are hot and humid with very little rain. Winters (November to March) are cool with limited rain. Springs are cool and pleasant.

Economy - overview:

Kuwait’s considerable wealth is the result of the country’s vast oil deposits, estimated at 100 billion barrels (9% of the world’s total known reserves). With production of over 2 million barrels daily, oil now accounts for about half of total output, 90% of export income and three-quarters of government revenue.
The economy has long since recovered from the extensive and systematic looting conducted by Iraqi troops during the occupation of 1990-1. This was estimated to have cost Kuwait US$170 billion, and the extent of the reconstruction was reflected in the fact that Kuwait was obliged to liquidate a large proportion of its overseas investment portfolio.
These holdings, which are administered by the Kuwait Investment Office, are used partly to meet the country’s running costs (free education and social services) and partly lodged in the Fund for Future Generations. During the 1990s, Kuwait, not surprisingly, invested large sums in building up a military apparatus.
There has been some diversification of the economy, promoted and funded by the government. Heavy industrial projects have been eschewed in favour of light manufacturing industries such as paper and cement production. There is a small fishing industry and some agriculture. The government has tabled a privatisation programme both as a means to raise revenue and as an instrument of economic policy. A free-trade zone has also been established.
Kuwait is a member of OPEC and of the Gulf Co-operation Council. The re-emergence of OPEC as a major influence appears to have triggered some disputes inside the Kuwaiti government over oil production and pricing policy. Japan, The Netherlands and Italy are the main markets for Kuwaiti oil. The principal exporters to Kuwait are Japan, the USA, Germany and the UK.

Economy:

Kuwait’s considerable wealth is the result of the country’s vast oil deposits, estimated at 100 billion barrels (9% of the world’s total known reserves). With production of over 2 million barrels daily, oil now accounts for about half of total output, 90% of export income and three-quarters of government revenue.
The economy has long since recovered from the extensive and systematic looting conducted by Iraqi troops during the occupation of 1990-1. This was estimated to have cost Kuwait US$170 billion, and the extent of the reconstruction was reflected in the fact that Kuwait was obliged to liquidate a large proportion of its overseas investment portfolio.
These holdings, which are administered by the Kuwait Investment Office, are used partly to meet the country’s running costs (free education and social services) and partly lodged in the Fund for Future Generations. During the 1990s, Kuwait, not surprisingly, invested large sums in building up a military apparatus.
There has been some diversification of the economy, promoted and funded by the government. Heavy industrial projects have been eschewed in favour of light manufacturing industries such as paper and cement production. There is a small fishing industry and some agriculture. The government has tabled a privatisation programme both as a means to raise revenue and as an instrument of economic policy. A free-trade zone has also been established.
Kuwait is a member of OPEC and of the Gulf Co-operation Council. The re-emergence of OPEC as a major influence appears to have triggered some disputes inside the Kuwaiti government over oil production and pricing policy. Japan, The Netherlands and Italy are the main markets for Kuwaiti oil. The principal exporters to Kuwait are Japan, the USA, Germany and the UK.
 

 

 

 

Industries:

petroleum, petrochemicals, desalination, food processing, construction materials

 

Exports:

Oil and refined products and fertiliser.

Imports:

Food, construction materials, vehicles and parts and clothing.

• Main trade partners: UK, Japan, USA and Germany.

Exchange rates:

Kuwait Dinar (KWD) = 1,000 fils. Notes are in denominations of KWD20, 10, 5 and 1, and 500 and 250 fils. Coins are in denominations of 100, 50, 20, 10, 5 and 1 fils.

http://www.worldtravelguide.net/country/141/money/Middle-East/Kuwait.html

GDP :

US$68.4 billion (2005).


 

 

 

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  Copyright By :  Kish Trade Promotion Center  2002