Kuwait is a small sovereign emirate strategically located on the northwestern coast of the Persian Gulf, tucked between Saudi Arabia and Iraq. The name comes from an Arabic word translating to "fortress built near water," which it very much looks like on a map. It has a rich history that goes back to the Ottoman Empire, when it was assigned as a territory of the empire with its own emir, or emperor. In 1922, the Treaty of Uqair defined the Kuwait-Saudi Arabia border and the neutral zone between them. Oil was first discovered during the 1930's, and during this time, the government became more proactive in declaring internationally recognized borders. After the fall of the Ottoman Empire, in the period after World War I, the British Empire declared Kuwait an independent state under British rule.
[...] It includes the average annual rate of overall price changes in all goods and services included in the GDP. Graph Inflation in Kuwait, measured as an annual percent change, graphed using data from the IMF As seen in the above graph, inflation in recent years has been at a record high, excluding the obvious Gulf War years. Inflation rose dramatically during those years because the prices of regular goods and services went up astronomically, due to shortages resulting from war. [...]
[...] While the value of total exports more than doubled from 2004 to 2005, total imports only increased by a third. Similarly, from 2005 to 2006, the value of exports increased much more than the value of imports, thereby resulting in a huge gain of revenue for Kuwait. This disproportionate increase in exports can be seen in the following graph: Graph The Current Account Balance of Kuwait from 1985 to 2007, graphed using data obtained from the International Monetary Fund The current account balance is a component of the balance of payments, which is a country's record of its economic transactions with other countries. [...]
[...] Accessed 6 Apr “Salary raise won't counter inflation.” Local News, Kuwait Times, Apr < http:>. Accessed 5 Apr World Economic Outlook 2007. International Monetary Fund. Washington DC Williams, James L.: Price History and Analysis.” WRTG Economics. < http:>. Accessed 3 Apr “Background Note: Kuwait.” Bureau of Near Eastern Affairs. U.S. Department of State, June 2007. “Country Trading Profiles: Kuwait Presentation.” Emporiki Bank, Jan < http:>. Accessed 4 Apr “Kuwait Economic Trends.” Embassy of the United States, Kuwait City, Kuwait. U.S. Department of State. “Iraq-Kuwait.” U.S. Geological [...]
[...] Kuwait is one of the richest countries in the world, when measured per person, and has the potential to be even richer as the price of oil keeps rising. Kuwaiti citizens are also realizing Kuwait's economic prosperity by indulging in a high standard living and receiving extensive social benefits. It heavily relies on trade to export excess oil and import needed consumer goods. In addition, they are keeping a bright outlook on the future. They are adopting new measures to ensure future wealth and stability, and they are committed to growing other industries. [...]
[...] GDP, or gross domestic product, is the market value of all goods and services produced or offered within a country in a given amount of time, which is usually a year, as in the above graphs. The most common method of evaluating the GDP of a country is by adding four key components: consumption, investment, government spending, and net exports. Real GDP differs from nominal GDP because it takes into account changes in the value of currency, whereas nominal GDP is a measure of GDP with the current unadjusted prices. [...]
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