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Economy of Kuwait vs Taiwan compared: GDP & Debt

Updated on by Georank team

Kuwait has a GDP of $160B compared to $802B for Taiwan, ranking 59/197 and 22/197 by economy size, respectively.

Kuwait has $4.68B in government debt (2.92% of GDP), compared to $211B (26.3% of GDP) in Taiwan.

Kuwait vs Taiwan GDP by year

Kuwait
Taiwan
1x
Year GDP, current $
Kuwait Taiwan
2024 $160,227,273,053 $801,529,000,000
2023 $165,384,407,116 $757,328,000,000
2022 $183,502,046,694 $765,529,000,000
2021 $148,350,671,489 $777,062,000,000
2020 $111,045,470,606 $676,935,000,000
2019 $140,856,394,861 $613,453,000,000
2018 $138,646,316,351 $610,744,000,000
2017 $120,687,539,806 $591,734,000,000
2016 $109,406,674,125 $543,002,000,000
2015 $114,585,555,689 $534,474,000,000
2014 $162,650,450,685 $535,332,000,000
2013 $174,168,116,535 $512,957,000,000
2012 $174,047,662,680 $495,536,000,000
2011 $154,039,231,246 $483,957,000,000
2010 $115,416,245,242 $444,245,000,000
2009 $105,968,691,905 $390,788,000,000
2008 $147,379,737,230 $415,824,000,000
2007 $114,634,043,362 $406,940,000,000
2006 $101,557,330,723 $386,492,000,000
2005 $80,798,630,137 $374,042,000,000
2004 $59,439,090,601 $346,881,000,000
2003 $47,874,582,232 $317,374,000,000
2002 $38,135,788,414 $307,429,000,000
2001 $34,889,559,870 $299,303,000,000
2000 $37,718,743,480 $330,725,000,000
1999 $30,122,365,849 $303,827,000,000
1998 $25,943,705,784 $279,926,000,000
1997 $30,350,190,704 $303,315,000,000
1996 $31,492,373,309 $292,473,000,000
1995 $27,186,980,647 $279,013,000,000
1994 $24,848,483,838 $256,213,000,000
1993 $23,941,391,391 $234,943,000,000
1992 $19,858,555,215 $222,947,000,000
1991 $11,009,993,703 $187,100,000,000
1990 $18,427,777,778 $166,392,000,000
1989 $24,313,855,653 $152,687,000,000
1988 $20,690,322,153 $126,378,000,000
1987 $22,368,704,134 $104,956,000,000
1986 $17,903,989,745 $78,347,000,000
1985 $21,445,970,614 $63,599,000,000
1984 $21,700,082,753 $61,036,000,000
1983 $20,871,081,080 $54,155,000,000
1982 $21,577,153,356 $49,540,000,000
1981 $25,058,020,338 $49,047,000,000
1980 $28,638,868,356 $42,292,000,000
1979 $24,749,063,922 $33,875,000,000
1978 $15,503,557,496 $27,373,000,000
1977 $14,137,406,741 $22,252,000,000
1976 $13,132,252,802 $18,988,000,000
1975 $12,022,811,621 $15,836,000,000
1974 $13,006,948,296 $14,739,000,000
1973 $5,408,804,607 $10,940,000,000
1972 $4,450,537,925 $8,063,000,000
1971 $3,880,392,195 $6,727,000,000
1970 $2,873,638,851 $5,785,000,000
1969 $2,769,198,892 $5,017,000,000
1968 $2,662,798,935 $4,325,000,000
1967 $2,441,599,023 $3,709,000,000
1966 $2,391,199,044 $3,207,000,000
1965 $2,097,199,161 $2,869,000,000
1964 $2,071,668,533 $2,592,000,000
1963 $1,900,895,857 $2,218,000,000
1962 $1,828,107,503 $1,960,000,000
1961 - $1,778,000,000
1960 - $1,743,000,000
1959 - $1,444,000,000
1958 - $1,836,000,000
1957 - $1,636,000,000
1956 - $1,399,000,000
1955 - $1,940,000,000
1954 - $1,628,000,000
1953 - $1,481,000,000
1952 - $1,677,000,000
1951 - $1,197,000,000

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

GeoRank.org/economy/kuwait/taiwan | CC BY

GDP per capita in Kuwait vs Taiwan by year

Kuwait
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kuwait Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $32,718 $52,444 $34,238 -
2023 $34,076 $53,025 $32,444 -
2022 $39,982 $55,043 $32,827 -
2021 $34,019 $50,652 $33,111 -
2020 $25,236 $41,462 $28,705 -
2019 $31,708 $50,703 $25,998 -
2018 $32,068 $51,371 $25,901 -
2017 $29,048 $46,566 $25,121 $50,500
2016 $27,324 $41,862 $23,091 -
2015 $29,882 $45,267 $22,780 $46,800
2014 $44,369 $68,337 $22,874 -
2013 $49,651 $76,813 $21,973 $39,600
2012 $52,155 $82,090 $21,295 $39,400
2011 $49,170 $79,037 $20,866 $38,200
2010 $39,212 $75,184 $19,197 $35,700
2009 $37,907 $80,110 $16,933 $32,000
2008 $55,585 $90,337 $18,081 $31,100
2007 $45,709 $91,435 $17,757 $30,100
2006 $42,947 $89,075 $16,934 $29,500
2005 $36,123 $84,968 $16,456 $27,500
2004 $27,552 $77,227 $15,317 $25,300
2003 $22,691 $69,752 $14,066 $23,400
2002 $18,513 $59,713 $13,686 $18,000
2001 $17,374 $58,553 $13,397 $17,200
2000 $19,296 $58,703 $14,908 $17,400
1999 $15,854 $56,406 $13,804 $16,100
1998 $14,067 $58,344 $12,820 -
1997 $16,977 $57,420 $14,020 -
1996 $18,201 $56,913 $13,641 -
1995 $16,168 $57,163 $13,119 -
1994 $14,930 $53,946 $12,150 -
1993 $14,318 $48,482 $11,242 -
1992 $12,146 $36,149 $10,768 -
1991 $8,147 $23,390 $9,125 -
1990 $10,938 $30,763 $8,205 -
1989 $10,965 - $7,613 -
1988 $9,692 - $6,370 -
1987 $10,896 - $5,350 -
1986 $9,077 - $4,036 -
1985 $11,322 - $3,314 -
1984 $11,919 - $3,224 -
1983 $11,965 - $2,903 -
1982 $12,979 - $2,699 -
1981 $15,825 - $2,720 -
1980 $19,032 - $2,389 -
1979 $17,386 - $1,950 -
1978 $11,567 - $1,606 -
1977 $11,238 - $1,330 -
1976 $11,141 - $1,158 -
1975 $10,882 - $985 -
1974 $12,527 - $934 -
1973 $5,532 - $706 -
1972 $4,836 - $530 -
1971 $4,486 - $451 -
1970 $3,552 - $397 -
1969 $3,695 - $357 -
1968 $3,872 - $319 -
1967 $3,887 - $280.8 -
1966 $4,176 - $249.1 -
1965 $4,024 - $229.3 -
1964 $4,379 - $213.6 -
1963 $4,445 - $188.6 -
1962 $4,748 - $172 -
1961 - - $161.2 -
1960 - - $163.4 -
1959 - - $140.4 -
1958 - - $185.1 -
1957 - - $170.5 -
1956 - - $150.6 -
1955 - - $216.3 -
1954 - - $188.3 -
1953 - - $177.7 -
1952 - - $208.4 -
1951 - - $154.3 -

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).

GeoRank.org/economy/kuwait/taiwan | CC BY

Kuwait's GDP per capita is $32,718, ranking 37/197, compared to $34,238 in Taiwan, ranking 35/197. Adjusted for purchasing power (GDP per capita PPP), Kuwait ranks 40th at $52,444, while Taiwan ranks 44th at $50,500.

Economic indicators

Kuwait Taiwan
Gross domestic product
$160B
2024
$802B
2024
GDP rank
59/197
2024
22/197
2024
GDP growth
-2.56%
2023-2024
2.3%
2023-2024
GDP per capita
$32,718
2024
$34,238
2024
GDP per capita rank
37/197
2024
35/197
2024
GDP per capita, PPP
$52,444
2024
$50,500
2017
GDP per capita PPP rank
40/197
2024
44/197
2017
Government debt
$4.68B
2024
$211B
2024
Debt-to-GDP ratio
2.92%
2024
26.3%
2024
Government debt per person
$956
2024
$9,020
2024
Government debt per person rank
143/185
2024
59/185
2024
Average annual personal income after taxes
$23,828
2026
$18,163
2026
Market capitalization of domestic companies
$141B
2024
n/a
Number of millionaires n/a
759,000
2025
Number of billionaires n/a
54
2025
Government expenditure, % of GDP
50.4%
2024
15.8%
2024
Consumer prices inflation
2.9%
2023-2024
2.2%
2023-2024
Central bank interest rate
3.5%
2025
2%
2024
Unemployment rate
2.16%
2016
3.35%
2025
Population
5100145
23229461

Spending and national debt comparison by year

Kuwait
Spending

Debt
Taiwan
Spending

Debt
1x
Year % of GDP
Kuwait Taiwan
Government spending Government debt Government spending Government debt
2024 50.4% 2.92% 15.8% 26.3%
2023 48.3% 3.13% 17.1% 29%
2022 39.6% 2.95% 16% 29.5%
2021 48.3% 7.2% 15.4% 30.1%
2020 62.9% 10.2% 16.2% 32%
2019 50.3% 10.5% 15.3% 32.6%
2018 51.1% 14.3% 15.4% 33.8%
2017 51.9% 19.6% 15.4% 34.5%
2016 54.1% 9.88% 15.6% 35.4%
2015 55.4% 4.6% 15.5% 35.9%
2014 45% 3.43% - 37.5%
2013 38.4% 3.09% - 38.9%
2012 38.2% 3.6% - 39.2%
2011 39.7% 4.64% 18.3% 38.3%
2010 45.5% 6.16% - 36.9%
2009 42.9% 6.65% - 36.7%
2008 40.9% 5.38% - 33.4%
2007 30.4% 7.05% - 32.2%
2006 32.3% 7.79% - 33.3%
2005 28.8% 10.2% - 34.1%
2004 35.3% 13.9% - 33.4%
2003 38.2% 17.2% - 32.1%
2002 42.8% 21.3% - 29.8%
2001 41.4% 23% 22.5% 30.1%
2000 29.9% 21.4% - 26.2%
1999 44.5% 25.5% - 23.7%
1998 51.7% 25.6% - 23.7%
1997 43.8% 24.3% - 25%
1996 42.8% 26.5% - -
1995 52% 34.9% - -
1994 57.8% 37.7% - -
1993 58.2% 28.8% - -
1992 77.6% 27.9% - -
1991 208.9% 45.3% 25.4% -
1990 122.9% - - -
1989 - - - -
1988 - - - -
1987 - - - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - 23.6% -
1980 - - - -
1979 - - - -
1978 - - - -
1977 - - - -
1976 - - 21.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

GeoRank.org/economy/kuwait/taiwan | CC BY

In 2024, Kuwait's government spending was $80.8B, accounting for 50.4% of its GDP, while Taiwan spent $127B, or 15.8% of GDP.

Debt-to-GDP ratio is 2.92% in Kuwait and 26.3% in Taiwan, ranking 184/185 and 160/185, respectively.

Government deficit by year

Deficit/surplus
Kuwait

Taiwan
1x
Year Deficit/surplus, % of GDP
Kuwait Taiwan
2024 23.8% 0.43%
2023 28.2% -0.61%
2022 30% 0.17%
2021 9.98% -0.18%
2020 0.14% -1.03%
2019 13% 0.11%
2018 17.5% 0.02%
2017 15.3% -0.14%
2016 13.1% -0.31%
2015 16.6% 0.1%
2014 30% -
2013 40.6% -
2012 40.7% -
2011 38.8% -2.15%
2010 31.9% -
2009 31.3% -
2008 21.3% -
2007 37.1% -
2006 28% -
2005 38.9% -
2004 32.5% -
2003 27.2% -
2002 31% -
2001 45.2% -3.71%
2000 52.5% -
1999 28.2% -
1998 19.5% -
1997 29.5% -
1996 24.3% -
1995 11.7% -
1994 1.76% -
1993 -3.12% -
1992 -28.1% -
1991 -145% -4.5%
1990 -50% -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -0.78%
1980 - -
1979 - -
1978 - -
1977 - -
1976 - 1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

GeoRank.org/economy/kuwait/taiwan | CC BY

In 2024, Kuwait's government surplus, the difference between spending and revenue, was $38.1B, equivalent to 23.8% of GDP. This compares to Taiwan's surplus of $3.45B, or 0.43% of GDP.

Over the past 35 years, Kuwait recorded a fiscal deficit in 4 of those years, while Taiwan ran a deficit in 8 years. On average, Kuwait posted an annual surplus equal to 16.7% of GDP, compared to deficit of 0.91% of GDP for Taiwan.

Inflation comparison by year

Inflation
Kuwait

Taiwan
1x
Year Consumer prices inflation
Kuwait Taiwan
2024 2.9% 2.2%
2023 3.64% 2.5%
2022 3.98% 2.9%
2021 3.42% 2%
2020 2.1% -0.2%
2019 1.09% 0.6%
2018 0.54% 1.4%
2017 2.17% 0.6%
2016 3.2% 1.4%
2015 3.27% -0.3%
2014 2.91% 1.2%
2013 2.68% 0.8%
2012 3.26% 1.9%
2011 4.84% 1.4%
2010 4.5% 1%
2009 4.61% -0.9%
2008 10.6% 3.5%
2007 5.48% 1.8%
2006 3.06% 0.6%
2005 4.14% 2.3%
2004 1.25% 1.6%
2003 0.96% -0.3%
2002 0.89% -0.2%
2001 1.3% 0%
2000 1.81% 1.2%
1999 2.99% 0.2%
1998 0.13% 1.7%
1997 0.68% 0.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/kuwait/taiwan | CC BY

Over the past 28 years, Kuwait has recorded an average annual inflation rate of 2.94%, compared with 1.14% in Taiwan. In 2024, inflation was 2.9% in Kuwait and 2.2% in Taiwan.

Balance of trade

Kuwait Taiwan
Current account balance
$46.7B
2024
$113B
2024
Current account balance ranking
15/190
2024
4/190
2024
Current account balance, % of GDP
+29.1%
2024
+14.1%
2024
Goods imports
$33.4B
2024
n/a
Goods exports
$77.5B
2024
n/a
Service imports
$28.1B
2024
n/a
Service exports
$12.2B
2024
n/a
Imports of goods and services, % of GDP
38.3%
2023
50.2%
2024
Exports of goods and services, % of GDP
57.7%
2023
63.3%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Kuwait Taiwan
Economic freedom 59.9 79.8
Economic freedom ranking 100/197 6/197
Property rights 42 83.4
Government integrity 47.9 74.3
Judicial effectiveness 43.4 94.3
Tax burden 97.7 78.9
Government spending 36.2 90
Fiscal health 99.9 92.9
Business freedom 57.4 78.6
Labor freedom 49.2 69
Monetary freedom 68.7 80.3
Trade freedom 75.8 86
Investment freedom 50 70
Financial freedom 50 60

Economic freedom comparison by year

Kuwait
Taiwan
1x
Year Economic freedom index
Kuwait Taiwan
2026 59.9 79.8
2025 59.9 79.7
2024 58.5 80
2023 56.7 80.7
2022 58.3 80.1
2021 64.1 78.6
2020 63.2 77.1
2019 60.8 77.3
2018 62.2 76.6
2017 65.1 76.5
2016 62.7 74.7
2015 62.5 75.1
2014 62.3 73.9
2013 63.1 72.7
2012 62.5 71.9
2011 64.9 70.8
2010 67.7 70.4
2009 65.6 69.5
2008 68.1 70.3
2007 66.4 69.4
2006 66.5 69.7
2005 64.6 71.3
2004 63.6 69.6
2003 66.7 71.7
2002 65.4 71.3
2001 68.2 72.8
2000 69.7 72.5
1999 69.5 71.5
1998 66.3 70.4
1997 64.8 70
1996 66.1 74.1
1995 - 74.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/kuwait/taiwan | CC BY

The Economic Freedom Index for Kuwait is 59.9, ranking 100/197, compared to 79.8 for Taiwan, ranking 6/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kuwait Taiwan
Services, % of GDP
55.9%
2024
58.8%
2024
Industry, % of GDP
57.1%
2024
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
0.49%
2024
1.47%
2024
GNI, Atlas method
$200B
2024
$832B
2024
GNI per capita, PPP
$63,270
2024
n/a
Total reserves including gold
$50.7B
2024
n/a
Total reserves ranking
41/177
2024
n/a
Net foreign direct investment
$9.71B
2024
n/a
Net inflows of foreign direct investment
$615M
2024
n/a
Net outflows of foreign direct investment
$10.3B
2024
n/a
Poverty at national poverty lines n/a
1.5%
2020
Gross capital formation, % of GDP
17.7%
2023
26.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/kuwait/taiwan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06)
  2. National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.