Kuwait GDP Trends from 1981 to 2024: A overall increase with some decline Flow

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%.

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.


Kuwait GDP from 1981 to 2024

The total market value of goods and services produced annually in Kuwait.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1981
    $ 25B 249M
    $ 0
    $ 0
    $ 40B 852M
    0 %
    54.568 %
    0 %
    0 %
    0 person
    1982
    $ 21B 583M
    $ 0
    $ 0
    $ 39B 254M
    -9.504 %
    22.578 %
    0 %
    0 %
    0 person
    1983
    $ 20B 871M
    $ 0
    $ 0
    $ 42B 934M
    5.253 %
    27.09 %
    0 %
    0 %
    0 person
    1984
    $ 21B 700M
    $ 0
    $ 0
    $ 46B 814M
    5.24 %
    32.275 %
    0 %
    0 %
    0 person
    1985
    $ 21B 445M
    $ 0
    $ 0
    $ 46B 238M
    -4.258 %
    23.135 %
    0 %
    0 %
    0 person
    1986
    $ 17B 904M
    $ 0
    $ 0
    $ 51B 210M
    8.565 %
    31.669 %
    0 %
    0 %
    0 person
    1987
    $ 22B 368M
    $ 0
    $ 0
    $ 56B 752M
    8.142 %
    19.647 %
    0 %
    0 %
    0 person
    1988
    $ 20B 690M
    $ 0
    $ 0
    $ 52B 849M
    -10.05 %
    24.616 %
    0 %
    0 %
    0 person
    1989
    $ 24B 313M
    $ 0
    $ 0
    $ 69B 143M
    25.896 %
    39.572 %
    0 %
    0 %
    0 person
    1990
    $ 18B 293M
    $ 0
    $ 0
    $ 52B 917M
    -26.229 %
    20.336 %
    0 %
    0 %
    0 person
    1991
    $ 10B 826M
    $ 0
    $ 0
    $ 32B 273M
    -41.008 %
    -242.188 %
    0 %
    0 %
    0 person
    1992
    $ 19B 871M
    $ 0
    $ 0
    $ 60B 342M
    82.809 %
    -2.27 %
    0 %
    -26.862 %
    0 person
    1993
    $ 23B 955M
    $ 14,556.85
    $ 50,724.41
    $ 83B 473M
    35.132 %
    10.443 %
    0 %
    -2.37 %
    1M 646K people
    1994
    $ 24B 859M
    $ 13,583.24
    $ 50,598.44
    $ 92B 601M
    8.616 %
    12.947 %
    0 %
    2.711 %
    1M 830K people
    1995
    $ 27B 186M
    $ 13,879.05
    $ 49,071.45
    $ 96B 121M
    1.669 %
    18.45 %
    33.21 %
    12.828 %
    1M 959K people
    1996
    $ 31B 491M
    $ 15,039.42
    $ 47,025.32
    $ 98B 466M
    0.598 %
    22.568 %
    37.67 %
    24.987 %
    2M 93K people
    1997
    $ 30B 350M
    $ 13,740.33
    $ 46,478.37
    $ 102B 661M
    2.493 %
    25.943 %
    39.58 %
    29.815 %
    2M 209K people
    1998
    $ 25B 941M
    $ 11,423.29
    $ 47,386.51
    $ 107B 608M
    3.654 %
    8.537 %
    26.99 %
    19.863 %
    2M 271K people
    1999
    $ 30B 126M
    $ 13,359.81
    $ 47,530.52
    $ 107B 179M
    -1.789 %
    16.809 %
    31.36 %
    28.245 %
    2M 255K people
    2000
    $ 37B 714M
    $ 17,009.47
    $ 51,751.89
    $ 114B 747M
    4.69 %
    38.899 %
    49.56 %
    52.331 %
    2M 217K people