Kuwait has one of the fastest growing economies in the Middle East with a GDP of US$172,350 (million) and a per capita income of US$42,119. As of March 2013, the Kuwaiti Dinar is the highest-valued currency in the world. Kuwait has a prosperous economy, the oil and gas sector accounts for about 60 per cent of its gross domestic product and about 95 per cent of export revenues.
The national economy is based on social justice and on co-operation between public and private activities. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. Where plans were set by the government to increase spending up $104 billion over the years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
For more information please visit The Ministry of Finance
In 1938, the Kuwait Oil Company drilled the country’s first commercial oil well in the Al Burqan oil field. The commercial export of crude oil began in 1946. As a member of OPEC, Kuwait has reported crude oil reserves of about 102 billion barrels, more than 6% of world reserves. Moreover, petroleum accounts for over half of the country’s GDP.
Petroleum plays an important role in Kuwait’s economy, therefore, the Kuwaiti government has established two identities The Ministry of Oil and Kuwait Petroleum Corporation to protect and manage the nations natural resources.