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Kuwait Economy is free and open by its nature and is one of the most prosperous economy in the world and is mainly backed by the crude oil production.
Economy of Kuwait
In the early days, pearling was one of the main occupations of Kuwait and almost the whole Economy of Kuwait was dependent on it. But after the discovery of huge oil reserve in Kuwait, the oil industry became the main source of revenue for the Kuwait Economy. Kuwait is known to have the largest reserves of crude oil. The Economy of Kuwait is mainly based on the petroleum industry, which accounts for nearly 90% of the total export of the country. The country is one of the richest countries in the world with the Kuwait Economy experiencing an annual gross domestic product of about $43.7 billion. The annual GDP growth rate of Kuwait Economy is 5%. The annual per capita income of Kuwait is one of the highest compared to the other countries in the world.
Important Industries of Kuwait
Although Kuwait Economy suffered greatly due to the outbreak of the Gulf War, it has gone through a fast reconstruction process. Some of the important booming industries of Kuwait which are responsible for the prosperity of the Kuwait Economy other than petroleum, are salt, construction, food processing, petroleum, desalination, fertilizers, cement, textiles, and petrochemicals.
For further reference on Kuwait Economy browse through these links which are as follows:
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