Key Developments in the Balance of Payments of the State of Kuwait for the Year 2020
The Central Bank of Kuwait (CBK) published today the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 2020, and the revised data of 2019. The external transactions of the Kuwaiti economy showed its ability to overcome the negative impact of the COVID-19 pandemic, as the preliminary data of the Balance of Payments revealed a surplus during 2020 of KD 6,857.8 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) against a surplus of KD 10,125.0 million during the previous year, i.e. a drop by KD 3,267.2 million or 32.3%. This downturn is mainly attributable to the decline in the total value of receipts on the credit side of the Current Account by KD 8,047.6 million or 23.6% compared with the previous year, and the decrease in the total value of payments on the debit side of the Current Account by KD 4,780.4 million or 19.9% compared with the previous year.