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Kuwait Economy is free and open by its nature and is one of the most prosperous economies in the world and is mainly backed by the crude oil production. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Agriculture is limited by the lack of water and arable land. Industry in Kuwait comprises of petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing and construction materials.