Kuwait's oil dependency

Kuwait is a major oil exporting country, and it's economy is highly dependent on the oil sector.

Here is a piece of interesting statistic that I'd like to share. Below is a list of the 10 largest industrial and service sectors in Kuwait, and their contribution to GDP. Oil is the largest sector, bigger than all the 9 other top 10 sectors combined

While the economy is booming now due to high oil price, this situation should not be taken for granted. If oil price plummets, the economy will face big problems. It should diversity its economy away from oil to better react to oil price fluctuations

GDP contribution from each sector
2005 figures, in USD millions

1. Energy, Mining and Quarrying (24)
2. Public Administration, Sanitary and Personal Services (8)
3. Business Services (3)
4. Real Estate & Dwelling (2)
5. Petroleum Refineries (2)
6. Financial Institutions (2)
7. Retail Trade (2)
8. Wholesale Trade (1)
9. Communications (1)
10. Transportation & Storage (1)

The data can be obtained from the Central Bank for free, or international data vendors, e.g. Global Insight, at a cost

Central Bank of Kuwait

Ministry of Planning