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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
