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Kuwait
Chamber of Commerce Country Factsheet Last update: 08.08.2017

Your advisors at the Chamber of Commerce

  • Edith Stein
    +352423939482
  • Daniel Sahr
    +352423939313
Contact us: middleeast@cc.lu

Key Indicators

Area
17,818 km2
Population
2,832,776 (July 2016 est.)
Government type
constitutional emirate
Languages
Arabic (official), English widely spoken
GDP
$301.1 billion (2016 est.)
Growth rate
2.5% (2016 est.)
HDI
48
Capital
Kuwait

 

Introduction

Kuwait has been ruled by the AL-SABAH dynasty since the 18th century. The threat of Ottoman invasion in 1899 prompted Amir Mubarak AL-SABAH to seek protection from Britain, ceding foreign and defense responsibility to Britain until 1961, when the country attained its independence. Kuwait was attacked and overrun by Iraq on 2 August 1990. Following several weeks of aerial bombardment, a US-led UN coalition began a ground assault on 23 February 1991 that liberated Kuwait in four days. Kuwait spent more than $5 billion to repair oil infrastructure damaged during 1990-91. The AL-SABAH family returned to power in 1991 and established one of the most independent legislatures in the Arab World. The country witnessed the historic election in 2009 of four women to its National Assembly. Amid the 2010-11 uprisings and protests across the Arab world, stateless Arabs, known as bidoon, staged small protests in February and March 2011 demanding citizenship, jobs, and other benefits available to Kuwaiti nationals. Youth activist groups - supported by opposition legislators - rallied repeatedly in 2011 for the prime minister's dismissal amid allegations of widespread government corruption, ultimately prompting the prime minister to resign in late 2011. Demonstrations, following a short lull, renewed in late 2012 in response to an Amiri decree amending the electoral law to reduce the number of votes per person from four to one. The opposition, led by a coalition of Sunni Islamists, tribalists, some liberals, and myriad youth groups, largely boycotted legislative elections in 2012 and 2013, which ushered in a legislature more amenable to the government's agenda. Since coming to power in 2006, the Amir has dissolved the National Assembly on five occasions (the Constitutional Court annulled the Assembly in June 2012 and again in June 2013) and shuffled the cabinet over a dozen times, usually citing political stagnation and gridlock between the legislature and the government.

Source: The CIA World Factbook - Kuwait

 

Macroeconomic indicators

 IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
0.6211.1362.4942.6212.627
Gross domestic product, current prices
U.S. dollars (Billions)
162.695114.079110.455124.869134.313
Gross domestic product per capita, current prices
U.S. dollars (Units)
40,688.82327,756.41026,145.83728,756.18930,092.038
Inflation, average consumer prices
Percent change
2.9413.2333.4003.8003.600
Volume of imports of goods and services
Percent change
7.9525.0951.2014.4334.134
Volume of exports of goods and services
Percent change
1.4050.9611.976-0.8691.619
Unemployment rate
Percent of total labor force
2.0722.0722.0722.0722.072
Current account balance
U.S. dollars (Billions)
54.2295.9703.93910.44811.806
Current account balance
Percent of GDP
33.3325.2333.5668.3678.790
Colored cells are estimates

Source: IMF Statistics - Kuwait

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

- Convention from 11.12.2007
- Not yet in force

Air Services agreement

- Agreement from 28.7.1993 (Memorial 1995, A, p. 1592 et seq.)
- Effective as of 26.11.2004

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact point in Kuwait

Attaché Economic and Commercial (B.E.)

Attaché Economic and Commercial with jurisdiction in Kuwait, Bahrain, Qatar: Mr. Sam SERVAES

Bayan, Block 13
Street 4, Villa
P.O. Box 3280 Safat
13033 KUWAIT

Phone: +965 2537 6053
Fax: +965 2537 6054
E-mail: kuwait(at)brusselsinvestexport.com 

Source: http://www.brussels-in-kuwait.be

Country risk as defined by Office du Ducroire for Kuwait

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Kuwait

 

Useful links