Press Releases
Key Developments in the Balance of Payments of the State of Kuwait for the Third Quarter of 2019
The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 3Q 2019, and the revised data of 2Q 2019. The data revealed a surplus of KD 1,324.6 million in the Current Account (that sums up receipts and payments on transactions between the domestic economy and other economies in terms of goods, services and income) compared with a surplus of KD 2,816.9 million during the previous quarter, i.e. a drop by 53.0% equivalent to KD 1,492.4 million. This downturn is mainly attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 2,249.2 million or 24.3% compared with the previous quarter, and the decrease in the total value of payments on the debit side of the Current Account by KD 756.8 million or 11.8% compared with the previous quarter. Furthermore, preliminary data indicated a drop in the surplus of the Balance on Goods by KD 442.1 million or 14.7% to reach KD 2,575.5 million during the third quarter of 2019, compared with KD 3,017.7 million during the previous quarter.
The Services Account (net value of services transactions between residents and non residents that include transportation, travel, communications, construction, other services as well as government services and goods) recorded a decline in deficit by KD 313.0 million or 17.1% to reach KD 1,518.3 million during 3Q 2019, against a deficit of KD 1,831.2 million during the previous quarter.
