Kuwait Current Account to GDP Ratio
Kuwait's current account to GDP ratio decreased to 28.2% in 2024 from 31.4% in 2023. This decline stems from lower oil export revenues due to reduced prices and OPEC+ production cuts. Although non-oil exports and services income improved, they did not offset the drop in the oil trade balance. Higher imports also contributed to the smaller surplus. Kuwait's record low current account to GDP was -4.6% in 2016 and its record high was 34.3% in 2022.
Yearly Historical Data (2015-2024)
(in %)Kuwait Current Account to GDP Ratio : Definition
Kuwait's current account to GDP shows its external balance relative to total economic output. It equals Kuwait's net trade balance, net primary income and net transfers divided by nominal GDP, shown as a percentage. Kuwait's large oil exports heavily influence this ratio.