Press Releases
Main Developments in the Balance of Payments of the State of Kuwait for the Year 2011
The Central Bank of Kuwait (CBK) released today the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2011 and revised data for 2009 and 2010. Provisional BOP figures for 2011 show significant rise in the surpluses realized in the main external balances during that year, compared to 2010. The surplus realized in the Current Account (which reflects the outcome of transactions between the domestic economy and other economies involving goods, services, Primary Income "investment income", and Secondary Income "current transfers") increased by 78%to reach KD 19531 million during 2011 (or 54.8% of 2010 GDP), compared with KD 10975 million during 2010 (or 30.8% of 2010 GDP). That increase in the Current Account surplus was mainly an outcome of the rise in the Surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) by about 66.7%, from KD 13632 million during 2010 to KD 22722 million during 2011.
Regarding developments in the Financial Account of the BOP of the State of Kuwait, the growth in the net value of assets owned by residents and invested abroad and recorded under that account accelerated during 2011, compared with the previous year. Specifically, the Financial Account recorded an increase of KD 17445 million in the net value of assets invested abroad during 2011, compared with KD 13325 million during 2010. As a result of the above-mentioned developments, the overall surplus in the BOP of the State of Kuwait reached KD 1231 million during 2011 (or 3.5% of 2010 GDP), compared with a surplus of KD 159 million during 2010. When the overall position of the BOP of the State of Kuwait is considered from a broader perspective to encompass the change in the net value of external assets of some government institutions recorded under the "General Government" item, along with the change in total reserve assets of the CBK, the overall position of the Balance of Payments shows a surplus of KD 13458 million during 2011, compared with a surplus of KD 10480 million during the previous year.
