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Economy of Kuwait vs Zambia compared: GDP & Debt

Updated on by Georank team

Kuwait has a GDP of $160B compared to $25.3B for Zambia, ranking 59/197 and 116/197 by economy size, respectively.

Kuwait has $4.68B in government debt (2.92% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Kuwait vs Zambia GDP by year

Kuwait
Zambia
1x
Year GDP, current $
Kuwait Zambia
2024 $160,227,273,053 $25,303,185,342
2023 $165,384,407,116 $27,577,956,471
2022 $183,502,046,694 $29,163,782,140
2021 $148,350,671,489 $22,096,416,932
2020 $111,045,470,606 $18,137,764,931
2019 $140,856,394,861 $23,308,667,781
2018 $138,646,316,351 $26,311,507,274
2017 $120,687,539,806 $25,873,601,261
2016 $109,406,674,125 $20,958,412,538
2015 $114,585,555,689 $21,251,216,799
2014 $162,650,450,685 $27,141,023,558
2013 $174,168,116,535 $28,037,239,463
2012 $174,047,662,680 $25,503,060,420
2011 $154,039,231,246 $23,459,515,276
2010 $115,416,245,242 $20,265,559,484
2009 $105,968,691,905 $15,328,342,304
2008 $147,379,737,230 $17,910,858,638
2007 $114,634,043,362 $14,056,957,976
2006 $101,557,330,723 $12,756,858,899
2005 $80,798,630,137 $8,331,870,169
2004 $59,439,090,601 $6,221,110,219
2003 $47,874,582,232 $4,901,869,764
2002 $38,135,788,414 $4,193,850,445
2001 $34,889,559,870 $4,094,441,301
2000 $37,718,743,480 $3,600,632,111
1999 $30,122,365,849 $3,404,284,891
1998 $25,943,705,784 $3,537,741,942
1997 $30,350,190,704 $4,303,288,480
1996 $31,492,373,309 $3,597,220,962
1995 $27,186,980,647 $3,806,983,413
1994 $24,848,483,838 $3,656,806,166
1993 $23,941,391,391 $3,273,505,344
1992 $19,858,555,215 $3,182,810,841
1991 $11,009,993,703 $3,376,806,697
1990 $18,427,777,778 $3,288,381,797
1989 $24,313,855,653 $3,994,673,161
1988 $20,690,322,153 $3,728,878,149
1987 $22,368,704,134 $2,265,250,972
1986 $17,903,989,745 $1,664,413,508
1985 $21,445,970,614 $2,252,454,500
1984 $21,700,082,753 $2,719,518,933
1983 $20,871,081,080 $3,321,048,451
1982 $21,577,153,356 $3,871,117,093
1981 $25,058,020,338 $4,008,126,497
1980 $28,638,868,356 $3,884,530,854
1979 $24,749,063,922 $3,353,445,378
1978 $15,503,557,496 $2,811,032,473
1977 $14,137,406,741 $2,515,296,940
1976 $13,132,252,802 $2,742,859,263
1975 $12,022,811,621 $2,442,672,141
1974 $13,006,948,296 $2,910,981,262
1973 $5,408,804,607 $2,434,255,237
1972 $4,450,537,925 $1,872,416,680
1971 $3,880,392,195 $1,653,259,341
1970 $2,873,638,851 $1,788,779,285
1969 $2,769,198,892 $1,926,399,230
1968 $2,662,798,935 $1,573,739,371
1967 $2,441,599,023 $1,340,639,464
1966 $2,391,199,044 $1,238,999,505
1965 $2,097,199,161 $1,061,199,576
1964 $2,071,668,533 $822,639,671
1963 $1,900,895,857 $704,339,719
1962 $1,828,107,503 $679,279,729
1961 - $682,359,727
1960 - $698,739,721

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Kuwait vs Zambia by year

Kuwait
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kuwait Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $32,718 $52,444 $1,187 $4,215
2023 $34,076 $53,025 $1,331 $4,077
2022 $39,982 $55,043 $1,447 $3,841
2021 $34,019 $50,652 $1,127 $3,503
2020 $25,236 $41,462 $952 $3,157
2019 $31,708 $50,703 $1,259 $3,361
2018 $32,068 $51,371 $1,464 $3,442
2017 $29,048 $46,566 $1,483 $3,392
2016 $27,324 $41,862 $1,239 $3,313
2015 $29,882 $45,267 $1,296 $3,337
2014 $44,369 $68,337 $1,707 $3,441
2013 $49,651 $76,813 $1,821 $3,477
2012 $52,155 $82,090 $1,710 $3,324
2011 $49,170 $79,037 $1,625 $3,228
2010 $39,212 $75,184 $1,451 $3,098
2009 $37,907 $80,110 $1,136 $2,872
2008 $55,585 $90,337 $1,376 $2,708
2007 $45,709 $91,435 $1,119 $2,555
2006 $42,947 $89,075 $1,052 $2,378
2005 $36,123 $84,968 $711 $2,213
2004 $27,552 $77,227 $549 $2,068
2003 $22,691 $69,752 $446 $1,942
2002 $18,513 $59,713 $394 $1,837
2001 $17,374 $58,553 $397 $1,785
2000 $19,296 $58,703 $359 $1,709
1999 $15,854 $56,406 $350 $1,654
1998 $14,067 $58,344 $373 $1,601
1997 $16,977 $57,420 $466 $1,631
1996 $18,201 $56,913 $400 $1,585
1995 $16,168 $57,163 $433 $1,501
1994 $14,930 $53,946 $426 $1,464
1993 $14,318 $48,482 $391 $1,607
1992 $12,146 $36,149 $389 $1,505
1991 $8,147 $23,390 $423 $1,534
1990 $10,938 $30,763 $422 $1,522
1989 $10,965 - $526 -
1988 $9,692 - $504 -
1987 $10,896 - $315 -
1986 $9,077 - $238.2 -
1985 $11,322 - $332 -
1984 $11,919 - $413 -
1983 $11,965 - $520 -
1982 $12,979 - $627 -
1981 $15,825 - $670 -
1980 $19,032 - $669 -
1979 $17,386 - $595 -
1978 $11,567 - $514 -
1977 $11,238 - $474 -
1976 $11,141 - $533 -
1975 $10,882 - $490 -
1974 $12,527 - $601 -
1973 $5,532 - $518 -
1972 $4,836 - $410 -
1971 $4,486 - $372 -
1970 $3,552 - $414 -
1969 $3,695 - $459 -
1968 $3,872 - $387 -
1967 $3,887 - $341 -
1966 $4,176 - $325 -
1965 $4,024 - $287.4 -
1964 $4,379 - $230 -
1963 $4,445 - $203.2 -
1962 $4,748 - $202.3 -
1961 - - $209.7 -
1960 - - $221.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Kuwait's GDP per capita is $32,718, ranking 37/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Kuwait ranks 40th at $52,444, while Zambia ranks 166th at $4,215.

Economic indicators

Kuwait Zambia
Gross domestic product
$160B
2024
$25.3B
2024
GDP rank
59/197
2024
116/197
2024
GDP growth
-2.56%
2023-2024
3.82%
2023-2024
GDP per capita
$32,718
2024
$1,187
2024
GDP per capita rank
37/197
2024
169/197
2024
GDP per capita, PPP
$52,444
2024
$4,215
2024
GDP per capita PPP rank
40/197
2024
166/197
2024
Government debt
$4.68B
2024
$29.1B
2024
Debt-to-GDP ratio
2.92%
2024
114.9%
2024
Government debt per person
$956
2024
$1,365
2024
Government debt per person rank
143/185
2024
134/185
2024
Average annual personal income after taxes
$23,828
2026
$1,349
2026
Market capitalization of domestic companies
$141B
2024
$7.77B
2024
Income share by richest 10% n/a
39.1%
2022
Income share by poorest 10% n/a
1.5%
2022
Government expenditure, % of GDP
50.4%
2024
25.5%
2024
Consumer prices inflation
2.9%
2023-2024
15%
2023-2024
Central bank interest rate
3.5%
2025
14.3%
2025
Unemployment rate
2.16%
2016
5.86%
2023
Population
5100145
22697916

Spending and national debt comparison by year

Kuwait
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Kuwait Zambia
Government spending Government debt Government spending Government debt
2024 50.4% 2.92% 25.5% 114.9%
2023 48.3% 3.13% 27.4% 129.1%
2022 39.6% 2.95% 28.2% 99.5%
2021 48.3% 7.2% 30.5% 111%
2020 62.9% 10.2% 34% 140%
2019 50.3% 10.5% 29.8% 103.3%
2018 51.1% 14.3% 27.7% 81.2%
2017 51.9% 19.6% 25% 66.6%
2016 54.1% 9.88% 23.9% 61.2%
2015 55.4% 4.6% 27.6% 61.9%
2014 45% 3.43% 24.3% 33.9%
2013 38.4% 3.09% 24% 25.9%
2012 38.2% 3.6% 21.9% 24.9%
2011 39.7% 4.64% 19.5% 20.8%
2010 45.5% 6.16% 18.1% 18.9%
2009 42.9% 6.65% 17.8% 20.5%
2008 40.9% 5.38% 19.5% 19.2%
2007 30.4% 7.05% 19.9% 21.9%
2006 32.3% 7.79% 19.7% 25%
2005 28.8% 10.2% 22.5% 75.7%
2004 35.3% 13.9% 23.3% 129.9%
2003 38.2% 17.2% 27.3% 159.5%
2002 42.8% 21.3% 27.6% 180.2%
2001 41.4% 23% 28% 210.2%
2000 29.9% 21.4% 21.4% 261%
1999 44.5% 25.5% - -
1998 51.7% 25.6% - -
1997 43.8% 24.3% - -
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% - -
1990 122.9% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Kuwait's government spending was $80.8B, accounting for 50.4% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 2.92% in Kuwait and 114.9% in Zambia, ranking 184/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Kuwait

Zambia
1x
Year Deficit/surplus, % of GDP
Kuwait Zambia
2024 23.8% -3.32%
2023 28.2% -5.48%
2022 30% -7.82%
2021 9.98% -8.13%
2020 0.14% -13.8%
2019 13% -9.41%
2018 17.5% -8.31%
2017 15.3% -7.5%
2016 13.1% -5.69%
2015 16.6% -8.88%
2014 30% -5.43%
2013 40.6% -6.4%
2012 40.7% -3.16%
2011 38.8% -1.78%
2010 31.9% -2.43%
2009 31.3% -2.06%
2008 21.3% -0.67%
2007 37.1% -1.04%
2006 28% 16.9%
2005 38.9% -2.37%
2004 32.5% -2.51%
2003 27.2% -5.31%
2002 31% -4.5%
2001 45.2% -5.89%
2000 52.5% 1.16%
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% -
1990 -50% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/kuwait/zambia | 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 Zambia's deficit of $840M, or 3.32% of GDP.

Over the past 25 years, Kuwait recorded a fiscal deficit in 0 of those years, while Zambia ran a deficit in 23 years. On average, Kuwait posted an annual surplus equal to 27.8% of GDP, compared to deficit of 4.15% of GDP for Zambia.

Inflation comparison by year

Inflation
Kuwait

Zambia
1x
Year Consumer prices inflation
Kuwait Zambia
2024 2.9% 15%
2023 3.64% 10.9%
2022 3.98% 11%
2021 3.42% 22%
2020 2.1% 15.7%
2019 1.09% 9.2%
2018 0.54% 7.5%
2017 2.17% 6.6%
2016 3.2% 17.9%
2015 3.27% 10.1%
2014 2.91% 7.8%
2013 2.68% 7%
2012 3.26% 6.6%
2011 4.84% 8.7%
2010 4.5% 8.5%
2009 4.61% 13.4%
2008 10.6% 12.4%
2007 5.48% 10.7%
2006 3.06% 9%
2005 4.14% 18.3%
2004 1.25% 18%
2003 0.96% 21.4%
2002 0.89% 22.2%
2001 1.3% 21.4%
2000 1.81% 24.1%
1999 2.99% 23.9%
1998 0.13% 22.7%
1997 0.68% 21.4%

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/zambia | CC BY

Over the past 28 years, Kuwait has recorded an average annual inflation rate of 2.94%, compared with 14.4% in Zambia. In 2024, inflation was 2.9% in Kuwait and 15% in Zambia.

Top exports between countries

Kuwait
Export category Export value
Textiles & consumer goods $2K
Miscellaneous $1K
Zambia
Export category Export value

Balance of trade

Kuwait Zambia
Current account balance
$46.7B
2024
-$487M
2024
Current account balance ranking
15/190
2024
106/190
2024
Current account balance, % of GDP
+29.1%
2024
-1.93%
2024
Goods imports
$33.4B
2024
$10.1B
2024
Goods exports
$77.5B
2024
$11.4B
2024
Service imports
$28.1B
2024
$1.94B
2024
Service exports
$12.2B
2024
$1.38B
2024
Imports of goods and services, % of GDP
38.3%
2023
27.6%
2024
Exports of goods and services, % of GDP
57.7%
2023
35%
2024

Economic freedom indices

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

Kuwait Zambia
Economic freedom 59.9 51.9
Economic freedom ranking 100/197 152/197
Property rights 42 43.9
Government integrity 47.9 39.3
Judicial effectiveness 43.4 45
Tax burden 97.7 74.3
Government spending 36.2 78.1
Fiscal health 99.9 30.9
Business freedom 57.4 53.4
Labor freedom 49.2 48.8
Monetary freedom 68.7 66.6
Trade freedom 75.8 62.8
Investment freedom 50 40
Financial freedom 50 40

Economic freedom comparison by year

Kuwait
Zambia
1x
Year Economic freedom index
Kuwait Zambia
2026 59.9 51.9
2025 59.9 50.9
2024 58.5 48.4
2023 56.7 47.8
2022 58.3 48.7
2021 64.1 50.4
2020 63.2 53.5
2019 60.8 53.6
2018 62.2 54.3
2017 65.1 55.8
2016 62.7 58.8
2015 62.5 58.7
2014 62.3 60.4
2013 63.1 58.7
2012 62.5 58.3
2011 64.9 59.7
2010 67.7 58
2009 65.6 56.6
2008 68.1 56.2
2007 66.4 56.2
2006 66.5 56.8
2005 64.6 55
2004 63.6 54.9
2003 66.7 55.3
2002 65.4 59.6
2001 68.2 59.5
2000 69.7 62.8
1999 69.5 64.2
1998 66.3 62.7
1997 64.8 62.1
1996 66.1 59.6
1995 - 55.1

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

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

The Economic Freedom Index for Kuwait is 59.9, ranking 100/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kuwait Zambia
Services, % of GDP
55.9%
2024
57.2%
2024
Industry, % of GDP
57.1%
2024
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
0.49%
2024
2.83%
2024
GNI, Atlas method
$200B
2024
$25.9B
2024
GNI per capita, PPP
$63,270
2024
$3,850
2024
Total reserves including gold
$50.7B
2024
$4.09B
2024
Total reserves ranking
41/177
2024
106/177
2024
Net foreign direct investment
$9.71B
2024
-$1.32B
2024
Net inflows of foreign direct investment
$615M
2024
$2.36B
2024
Net outflows of foreign direct investment
$10.3B
2024
$311M
2024
Servicing debt to the IMF, % of GNI n/a
16.9%
2024
Poverty at national poverty lines n/a
60%
2022
Gross capital formation, % of GDP
17.7%
2023
23.8%
2024

GDP per capita map

1x

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

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2022, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.