Economy of Kuwait
Kuwait is an Arab, independent, fully Sovereign state. The religion of the state is Islam and Islamic law shall be the main source of legislation.It has nine main cities with Kuwait city as capital. The constitution of Kuwait was created by Constitutional assembly in 1961-62 and signed into law in Nov. 1952 by Emir, the commander of military of Kuwait. Kuwait is a geographically small petroleum- based progressive economy. Kuwaiti Dinar is the highest value unit currency in the world.Non-petroleum industries include financial services. National Bank of Kuwait was established in 1952 which is now largest financial institution in Kuwait. Kuwait is the fourth richest country in the world per capita. It is the second richest GCC (Gulf co-operation council) country per capita. Kuwait has oil reserves of about 102 billion barrels -more than 6% of world's reserves. Petroleum accounts for over half of GDP - 92% export revenues and 90% of Govt. income. By 19th and 20th century,