In 2023, Kuwait's GDP was primarily driven by the Mining, Manufacturing, and Utilities sector, contributing 56.76% to the total GDP. The Services sector accounted for 31.29%, followed by Transport, Storage, and Communication at 5.2%. Wholesale, Retail Trade, Restaurants, and Hotels added 4.3%, Construction 2%, and Agriculture-related activities made up a minimal 0.44%. Over the last two years, the Mining sector remained dominant, reflecting Kuwait's reliance on oil. Notably, the Services sector showed resilience and slight growth, underscoring diversification efforts. The real annual compound growth rate (CAGR) over the past five years indicates moderate but consistent shifts towards services.
Looking ahead, potential trends to monitor include continued investments in non-oil sectors, driven by Kuwait Vision 2035, which may boost the Services and Construction sectors. Additionally, infrastructural development and technological advancements could grow the Transport and Communication sectors. External economic factors, such as global oil prices and regional geopolitical stability, will also significantly impact the GDP composition.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Mining, Manufacturing, Utilities | 56.76 | 2016 | |
| 2 | 2 Services | 31.29 | 2016 | |
| 3 | 3 Transport, storage and communication | 5.2 | 2016 | |
| 4 | 4 Wholesale, retail trade, restaurants and hotels | 4.3 | 2016 | |
| 5 | 5 Construction | 2 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 0.44 | 2016 |
