Kuwait's GDP changed from approximately $25B 249M in 1981 to $160B 397M in 2024, showing an overall 535.3% sharply increased during the period.
The lowest GDP was recorded in 1991 at $10B 826M, and the highest in 2022 at $182B 846M.
Over the 43-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.4%.
For comparison, the average annual growth rate of Saudi Arabia was 4.4%, and that of Qatar was 8.5%.
Kuwait GDP from 1981 to 2024
The total market value of goods and services produced annually in Kuwait.
Overview of Kuwait's GDP (1981–2024)
The Gross Domestic Product (GDP) of Kuwait recorded a 535.3% sharply increased from 1981 to 2024.
The average GDP during this period was $76B 447M, and the median was $42B 999M.
GDP fluctuated within a range of $172B 20M, with a standard deviation of $58B 156M.
The average annual change was $4B 50M.
Highest and Lowest GDP Records
- Lowest GDP: 1991, $10B 826M
- Highest GDP: 2022, $182B 846M
- Most Recent GDP: 2024, $160B 397M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Kuwait's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $138B 695M → $107B 516M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $114B 608M → $105B 992M
- Outcome: declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $37B 714M → $34B 906M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $30B 350M → $25B 941M
- Outcome: sharply declined
Key Economic Indicators of Kuwait (1981–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1981 | 0 % | $ 25B 249M | $ 40B 852M | $ 0 | $ 0 | 0 % | 0 person | 54.568 % | 0 % |
1982 | -9.504 % | $ 21B 583M | $ 39B 254M | $ 0 | $ 0 | 0 % | 0 person | 22.578 % | 0 % |
1983 | 5.253 % | $ 20B 871M | $ 42B 934M | $ 0 | $ 0 | 0 % | 0 person | 27.09 % | 0 % |
1984 | 5.24 % | $ 21B 700M | $ 46B 814M | $ 0 | $ 0 | 0 % | 0 person | 32.275 % | 0 % |
1985 | -4.258 % | $ 21B 445M | $ 46B 238M | $ 0 | $ 0 | 0 % | 0 person | 23.135 % | 0 % |
1986 | 8.565 % | $ 17B 904M | $ 51B 210M | $ 0 | $ 0 | 0 % | 0 person | 31.669 % | 0 % |
1987 | 8.142 % | $ 22B 368M | $ 56B 752M | $ 0 | $ 0 | 0 % | 0 person | 19.647 % | 0 % |
1988 | -10.05 % | $ 20B 690M | $ 52B 849M | $ 0 | $ 0 | 0 % | 0 person | 24.616 % | 0 % |
1989 | 25.896 % | $ 24B 313M | $ 69B 143M | $ 0 | $ 0 | 0 % | 0 person | 39.572 % | 0 % |
1990 | -26.229 % | $ 18B 293M | $ 52B 917M | $ 0 | $ 0 | 0 % | 0 person | 20.336 % | 0 % |
1991 | -41.008 % | $ 10B 826M | $ 32B 273M | $ 0 | $ 0 | 0 % | 0 person | -242.188 % | 0 % |
1992 | 82.809 % | $ 19B 871M | $ 60B 342M | $ 0 | $ 0 | 0 % | 0 person | -2.27 % | -26.862 % |
1993 | 35.132 % | $ 23B 955M | $ 83B 473M | $ 14,556.85 | $ 50,724.41 | 0 % | 1M 646K people | 10.443 % | -2.37 % |
1994 | 8.616 % | $ 24B 859M | $ 92B 601M | $ 13,583.24 | $ 50,598.44 | 0 % | 1M 830K people | 12.947 % | 2.711 % |
1995 | 1.669 % | $ 27B 186M | $ 96B 121M | $ 13,879.05 | $ 49,071.45 | 33.21 % | 1M 959K people | 18.45 % | 12.828 % |
1996 | 0.598 % | $ 31B 491M | $ 98B 466M | $ 15,039.42 | $ 47,025.32 | 37.67 % | 2M 93K people | 22.568 % | 24.987 % |
1997 | 2.493 % | $ 30B 350M | $ 102B 661M | $ 13,740.33 | $ 46,478.37 | 39.58 % | 2M 209K people | 25.943 % | 29.815 % |
1998 | 3.654 % | $ 25B 941M | $ 107B 608M | $ 11,423.29 | $ 47,386.51 | 26.99 % | 2M 271K people | 8.537 % | 19.863 % |
1999 | -1.789 % | $ 30B 126M | $ 107B 179M | $ 13,359.81 | $ 47,530.52 | 31.36 % | 2M 255K people | 16.809 % | 28.245 % |
2000 | 4.69 % | $ 37B 714M | $ 114B 747M | $ 17,009.47 | $ 51,751.89 | 49.56 % | 2M 217K people | 38.899 % | 52.331 % |