Oil, oil products lead economy; Kuwait steps up diversification
Feb 27, 2013
Kuwait has a wealthy, relatively open economy, with its gross domestic product standing at $165.9 billion, real growth rate at 6.3 percent, and per capita GDP at $43,800 in 2012. It has crude oil reserves of about 102 billion barrels ― about 14.8 percent of the world’s oil reserves. As Kuwait is one of the world’s largest oil producers, oil and oil-related products naturally would dominate its economy, taking up more than half of its GDP. Kuwait produces 3.1 million barrels of oil per day. Still