Press Releases
Key Developments in the Balance of Payments of the State of Kuwait during the First Quarter of 2013
The Central Bank of Kuwait (CBK) publishes today the first quarterly (2013 Q1) preliminary data and estimates of the balance of payments (BOP) of the State of Kuwait and the revised quarterly estimates of 2012 in coherence with the guidelines of the sixth edition of BOP Manual issued by the International Monetary Fund in 2009 (BPM6). Preliminary data of the State of Kuwait’s BOP of 2013 Q1 show constant surpluses in the external balances. The Current Account (reflecting the outcome of transactions between domestic economy and other economies encompassing goods, services, Primary Income “investment income”, and Secondary Income “current transfers”) realized a surplus of KD 4712 million (10.6% of 2011 GDP) during 2013 Q1 against KD 5493 million (12.4% of 2011 GDP) during 2012 Q4. The decline in the current account surplus reflects mainly the decrease in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b. basis) to reach KD 6207 million during 2013 Q1 compared to KD 6622 million during 2012 Q4.
The developments in the Financial Account of the State of Kuwait’s BOP during 2013 Q1 demonstrate a slow growth in the net value of recorded external assets owned by residents to reach KD 3519 million during 2013 Q1 against KD 5387 million during 2012 Q4. Consequently, the overall surplus of Kuwait’s BOP amounted to KD 701 million (1.6% of 2011 GDP) during 2013 Q1 against KD 206 million during 2012 Q4.
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, demonstrates a surplus of KD 3613 million during 2013 Q1 against KD 5306 million during 2012 Q4.
