Kuwait has a GDP (PPP) of US$167.9 billion and a per capita income of US$81,800, making it the 5th richest country in the world, per capita.
According to the 2008 Index of Economic Freedom, Kuwait has the second-most free economy in the Middle East. In March 2007, Kuwait's foreign exchange reserves stood at US$213 billion. The Kuwait Stock Exchange, which has about 200 firms listed, is the second-largest stock exchange in the Arab world with a total market capitalization of US$235 billion. In 2007, the Kuwaiti government posted a budget surplus of US$43 billion.
Kuwait has proven crude oil reserves of 104 billion barrels (15 km3), estimated to be 10% of the world's reserves. According to the Kuwaiti constitution, all natural resources in the country and associated revenues are government property. Being a tax-free country, Kuwait's oil industry accounts for 80% of government revenue. Petroleum and petrochemicals accounts for nearly half of GDP and 95% of export revenues. Increase in oil prices since 2003 resulted in a surge in Kuwait's economy.
Kuwait currently pumps 2.9 million bpd and its full production capacity is a little over 3 million bpd, including oil production in the neutral region that it shares with Saudi Arabia. Kuwait oil production is expected to increase to 4 million bpd by 2020. To realize this production target, Kuwait Petroleum Corporation plans to spend US$51 billion between 2007 to 2012 to upgrade and expand the country's existing refineries. However, the country's economy was badly affected by the global financial crisis of 2008. In 2009, the Central Bank of Kuwait devised a US$5.15 billion stimulus package to help boost the economy.
Other major industries include shipping, construction, cement, water desalination, construction materials and financial services. Kuwait has a well developed banking system and several banks in the country date back to the time before oil was discovered. Founded in 1952, the
