Kuwait

Kuwait, an Arab country in the Persian Gulf, is home to a cultural heritage dating back to antiquity. Kuwait City, the capital, is known for its modern architecture, from skyscrapers to the impressive Kuwait Towers, whose design is reminiscent of the tiled domes of a classical mosque. The Tareq Rajab Museum houses a rich collection of ethnographic artifacts and Islamic art.

General presentation

Official name: State of Kuwait

Type of regime: parliamentary monarchy
Area: 17,818km2
Capital: Kuwait (Kuwait-City)
Main cities: Kuwait-City, Jahra, Ahmadi
Official language(s): Arabic

National holiday: 25 February

Population: 4.5 million (of which 1.4 million are nationals)
Density: 227.4/capita/km2
Population growth rate: 2.8% (2018)
Literacy rate: 95.7% (2016)
Source: Ministry of Europe and Foreign Affairs

Economic situation

Kuwait is a rentier country. Revenues from oil production (2.87 million barrels per day) and foreign investments have enabled the Kuwaiti population to enjoy a high standard of living (with a GDP per capita exceeding 27,000 dollars) thanks to a particularly generous welfare state. The hydrocarbon sector (5th largest reserves in the world) accounts for more than 60% of GDP, and economic growth is closely linked to the price of a barrel of oil. It is also driven by services and the real estate sector. The drastic fall in oil prices since 2014 has severely affected Kuwait’s economy; black gold is indeed the main source of income for the emirate, which has barely 4 million inhabitants. With foreign exchange reserves estimated at $550 billion and a per capita income that is still very high, Kuwait remains among the ten richest countries in the world, but the fall in oil prices is its Achilles heel. To make the country less dependent on oilnrevenues, the Kuwaiti government has developed ambitious five- year plans. These plans aim to diversify the economy thoroughly by 2035, strengthen industry and increase exports. At the same time, the country is to become a global trade and financial center.
Source : S-ge

Bilateral Relations

Bilateral investment treaties

Work in process

Double taxation agreements

Work in process

Free trade agreements

Work in process

Leading sector for Swiss companies

Work in process

Indicators

 201620172018 E2019 E
GDP (in billions of USD)110.9118.3144.52152.37
GDP per capita (USD)25.8692739431.91632.737
Growth rate2.2-2.14.14.1
Unemployment rate2.12.08
Inflation rate3.51.50.83.0
Public debt (% of GDP)9.88320.58418.79325.359
Budget balance (% of GDP)-5.067.1316.419.78
Current account balance (% of GDP)-4.55.911.311.0

(Sources FMI, Banque Mondiale)

Main customers

2018: China, India, Japan, Singapore, South Korea
Source: Ministry of Europe and Foreign Affairs

Main suppliers

2018: China, United Arab Emirates, Japan, USA, Germany,
Source: Ministry of Europe and Foreign Affairs

Swiss exports to

Work in process

Exports of …. to Switzerland

Work in process

Swiss direct investment in

Work in process

The business climate

Work in process