Kuwait Economy

Working abroad sounds like an adventure to many people. However, a job search in Kuwait requires more than just the obvious Kuwait CV and Kuwait cover letter writing and translation, it requires thorough preparation. You will face problems that probably did not even come to your mind when you decided to seek Kuwait jobs.

Do not take too lightly the influence a work in Kuwait can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Kuwait Economy

Most visits to Kuwait are trouble-free but you should be aware of crime and the risk of indiscriminate terrorist attacks, which could be against civilian targets, including places frequented by foreigners like restaurants, hotels, clubs and shopping areas. The Kuwait authorities have carried out a number of investigations and operations against terrorist networks. You should exercise a high level of security awareness and are advised to monitor local news broadcasts and consular messages.

Kuwait economy - overview: Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income.

Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees.

Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms.

In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

Labor force - by occupation: n/a

Unemployment rate: 2.2% (2004 est.)

Natural resources: petroleum, fish, shrimp, natural gas

Industries: oil and refined products, fertilizers

Currency: Kuwait Dinar (KWD) = 1,000 fils. Notes are in denominations of KWD20, 10, 5 and 1, and 500 and 250 fils. Coins are in denominations of 100, 50, 20, 10, 5 and 1 fils. While notes have Latin numerals on one side, the coins are entirely in Arabic.

Money Exchange: Most of the foreign currencies, like Stirling Pound or US Dollar, can be exchanged at banks, bureaux de change and airports, railway stations, ports & major hotels in Kuwait at the official exchange rates.

Credit/Debit Cards and ATMs: American Express, Diners Club, MasterCard and Visa are accepted. ATMs are widely available.

Traveler’s Cheques: International traveller’s cheques in Stirling Pounds, Euro and US Dollars are widely accepted. To avoid additional exchange rate charges, take traveller's cheques in US Dollars or Pounds Sterling.

Exchange rates: Kuwaiti dinars (KD) per US dollar - 0.2801 (2012 est.), 0.276 (2011 est.), 0.2866 (2010 est.), 0.2877 (2009), 0.2679 (2008)

Inflation rate (consumer prices): 3.2% (2012 est.)

Other Kuwait Economy Info

We hope that your Kuwait job search has been successful and you have a Kuwait visa and Kuwait work permit too. So, if your Kuwait cover letter and Kuwait CV are ready, you may distribute them to your future employers and start preparing for a Kuwait job interview job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Kuwait economy info.


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