Kuwaitâ's balance of payments shows increase in overall surplus

24/04/2014 15:43 AST

Provisional data on Kuwait’s balance of payments (BOP) for 2013 indicate, unsurprisingly, continued surpluses in the external balances. Developments in the Financial Account of Kuwait's BOP during 2013 demonstrate a slow growth in the net value of external assets owned by residents to reach KWD 21711 million during 2013 against KWD 23566 million during the previous year. Consequently, the overall surplus of Kuwait's BOP amounted to KWD 954 million during 2013 against KWD 918 million during the previous year.

The overall position of Kuwait's BOP from a broader perspective, encompassing the change in the net value of external assets of some government institutions listed under the "General Government" item and the change in the total reserve assets of the CBK, shows a surplus of KWD 16271 million during 2013 against KWD 20683 million during the previous year.

The Current Account (reflecting the outcome of transactions between the domestic economy and other economies encompassing goods, services, Primary Income "investment income", and Secondary Income "current transfers") realized a surplus of KWD 20316 million (39.7 per cent of 2012 GDP) during 2013 against KWD 22062 million (43.1 per cent of 2012 GDP) during 2012.

The decline in the current account surplus mainly reflects the decrease in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) which reached KWD 25442 million during 2013 compared to KWD 26762 million during the previous year, reports the Central Bank of Kuwait.

CPI Financial