KUWAIT CITY, May 1: The Central Bank of Kuwait (CBK) published Wednesday the preliminary data of the State of Kuwait’s Balance of Payments (BoP) for 4Q 2018, and the revised data of the preceding quarter.
The data revealed a surplus of KD 1,643 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 to a surplus of KD 923 million during the previous quarter, i.e. an upturn by 77.9% equivalent to KD 719.4 million.
This upturn in the Current Account surplus is mainly attributable to the decline in the deficit of the Services Account (net value of services transactions between residents and non residents, the most important of which are transportation, travel, communications and construction) by KD 1,164 million or 39.6%, to KD 1,778 million during 4Q 2018, compared to a deficit of KD 2,942 million during the previous quarter.
Regarding the Financial Account (recording transfers of financial assets and liabilities between residents and non residents),the net value of residents’ external assets under this account reached KD 2,047 million during 4Q 2018 against KD 1,409 million during the previous quarter, i.e. an increase of KD 637.1 million.