Is the country of Kuwait rich?

Wealth and good welfare benefits

Kuwait is a country with high welfare. Kuwaiti citizens enjoy free medical care, free education and subsidies for housing, drinking water and electricity provided by the government. In addition, there are various social allowances such as marriage allowance and child allowance.

Kuwait has good financial management skills. In the mid-1970s, a reserve fund for future generations was established, and 10% of the state's income was allocated to the reserve fund for future generations every year to prepare for Kuwait's "after oil". In addition, Iraq established a national general reserve. The Kuwaiti government uses these two reserves to establish a large-scale investment network around the world and regards foreign investment as an important way to solve future national income.

Kuwaitis’ proficiency in overseas investment has long been recognized by people in the international financial and economic circles. They have invested heavily in the United States, Europe, Asia, etc. Since 1985, Kuwait’s annual asset profit income from foreign capital has increased Profits exceeding annual revenue from oil exports.

Extended information:

Industry

While focusing on the development of petroleum and petrochemical industries, the Kuwaiti government also emphasizes the development of diversified economies and reduces dependence on petroleum. Continue to increase foreign investment. The main industries are oil mining, smelting and petrochemicals. Other industries include flour, building materials, food processing, etc. Kuwait's export quota in OPEC is 2 million barrels per day, and its actual daily production is 2.6 million barrels.

By 2011, Kuwait's daily crude oil processing capacity will significantly increase from 930,000 barrels in 2006 to 1.4 million barrels. The main oil fields in Kuwait are the Great Burgan Oil Field, located in southeastern Kuwait. The Big Burgan Oilfield is the world's largest sandstone oilfield and the world's second largest oilfield after the Ghawar Oilfield. In 2017, the daily crude oil production was 2.954 million barrels.

Agriculture

Kuwait’s arable land area is about 14,182 hectares, and the soilless cultivation area is about 156 hectares. The government attaches great importance to the development of agriculture, and agricultural output accounts for 0.5% of GDP. Mainly producing vegetables, agricultural and animal husbandry products mainly rely on imports. It is rich in fishery resources, including prawns, groupers and croakers. The annual output is about 10,000 tons, and the output value is about 13 million Kuwaiti dinars.

Foreign Trade

Foreign trade plays an important role in Kuwait’s economy. The main export commodities are petroleum and chemical products, with petroleum exports accounting for 95% of total exports. Imported goods include machinery, transportation equipment, industrial products, grain and food, etc. The main trading partners are: the United States, Japan, the United Kingdom, South Korea, Italy, Germany, the Netherlands, Singapore, etc.

Baidu Encyclopedia-Kuwait