Commodity balance surplus nosedives by KD 442.1m to KD 2.57b
KUWAIT CITY, Dec 31, (KUNA): Kuwait recorded a current account surplus of KD 1.3 billion ($4.3 billion) in the third quarter of 2019, the Central Bank of Kuwait (CBK) said Tuesday.
The surplus fell by around KD 1.49 billion ($4.9 billion), compared with KD 2.81 billion ($9.2 billion) in the second quarter of this year, down 53 percent, the CBK said in a press release.
The drop is due to a dip of KD 2.24 billion ($7.3 billion) in the value of total earnings in the credit side of the current account, and a fall of KD 756.8 million ($2.49 billion) in the value of the total payments in the debit side, it added. The commodity balance surplus nosedived by KD 442.1 million ($1.45 billion) to KD 2.57 billion ($8.4 billion) in the third quarter of 2019, compared with KD 3.01 billion ($9.9 billion) in the second quarter of the year, according to the release.
The balance on services edged down by KD 313 million ($1.03 billion) to KD 1.51 billion ($4.98 billion) in the third quarter, it sa