Press Releases

The Central Bank of Kuwait (CBK) released today the provisional figures for the Balance of Payments (BOP) of the State of Kuwait for 2012 and revised data for 2010 and 2011 in accordance with the guidelines of the sixth edition of BOP Manual issued by the International Monetary Fund in 2009. Provisional BOP figures for 2012 show significant rise in the surpluses realized in the main external balances for the second year in a row. 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 19.6% to reach KD 22174 million during 2012 (49.9% of 2011 GDP), compared to KD 18534 million during 2011 (41.7% of 2011 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 KD 4784 million (or 21.4%) to reach KD 27101 million during 2012.

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 2012, compared with the previous year. The financial account recorded an increase of KD 24108 million in the net value of assets invested abroad during 2012, compared to KD 17789 million during 2011. As a result of the above-mentioned developments, the overall surplus in the BOP of the State of Kuwait reached KD 918 million during 2012 (2.1% of 2011 GDP), compared with a surplus of KD 1231 million during the previous year.

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 20683 million during 2012, compared with a surplus of KD 13458 million during the previous year.

Provisional Balance of Payments of the State of Kuwait for the Year 2012