Currencies by Country:

What is the Kuwaiti Dinar (KWD)?

Credit Ratings & Outlook

In the latest credit ratings from December 1970, Moody's gives Kuwait a Aa2 rating, with a stable outlook. Fitch has a stable outlook with a AA rating. Finally, S&P last issued a AA rating, with a stable outlook.

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2009 the total GDP was $109,462,798,286 in US Dollars, while the per capita GDP was $41,364. It fell by 0.00% over the previous year.

Unemployment

The latest unemployment rate for 2008 is 1.50%.

Consumer Price Index

The latest consumer price index for 2010 is 130.01.

Political Structure

The current head of the government is Prime Minister Jaber Al-Mubarak Al-Hamad Al-Sabah, and the head of state is Emir Sabah Al-Ahmad Al-Jaber Al-Sabah (in an executive role).

Currency Details

The Kuwaiti Dinar, denoted by KWD, is the official currency of Kuwait. The KWD, which is divided into 100 units, was introduced to Kuwait in 1960 as a replacement for the Indian Rupee. The currency has maintained a very high exchange rate, making it one of the highest valued currencies in the world.

Moody’s Rating
Aa2, 24 Jul 2007
S&P Rating
AA+

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

What does it look like?

Political Structure

The chief of state in Kuwait is the Emir, a semi-hereditary title. The emir appoints the prime minister, who, in the past, was also the crown prince. A council of ministers aids the prime minister in his task as head of government. The parliament known as the Majlis Al-Umma, consists of 50 members who are chosen in elections held every four years. Government ministers, according to the Constitution of the State, are given automatic membership in the parliament.

Prominent Figures

Chief of State Amir SABAH al-Ahmad al-Jabir al-Sabah (since 29 January 2006); Crown Prince NAWAF al-Ahmad al-Jabir al-Sabah (since 7 February 2006)
Head of Government Prime Minister NASIR AL-MUHAMMAD al-Ahmad al-Sabah (since 3 April 2007); First Deputy Prime Minister JABIR AL-MUBAREK al-Hamad al-Sabah (since 9 February 2006); Deputy Prime Minister MUHAMMAD AL-SABAH al-Salim al-Sabah (since 9 February 2006)
Cabinet Council of Ministers appointed by the prime minister and approved by the amir
Elections none; the amir is hereditary; the amir appoints the prime minister and deputy prime ministers

Key Economic Factors

Economic Overview:

Kuwait is a small, rich and relatively open economy with crude oil constituting 10% of the world’s oil reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and over 75% of the government’s income. The climate in Kuwait is a large obstacle in agricultural development, causing the nation to depend almost wholly on food imports (with the exception of fish). Additionally, approximately 75% of water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country.

Industries:

Petroleum, petrochemicals, desalination, food processing and construction materials.

Main Export Trading Partners:

Japan, South Korea, US, Singapore, Taiwan and Pakistan.

Export Commodities:

Oil, refined products and fertilizers.

Import Commodities:

Food, construction materials, vehicles and parts and clothing.

Main Import Trading Partners:

US , Japan, Germany, China, UK, Saudi Arabia, Italy and France.

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