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Kuwait’s account surplus hits USD70.3b in 2011

26 Apr 2012

(MENAFN) Kuwait’s central bank reported a 78 percent jump in the Gulf state’s account surplus last year, largely driven by a surge in exports, Reuters reported.

According to the official data, oil-rich Kuwait’s current account hit a USD70.3 billion surplus in 2011, compared to USD39.43 billion in 2010.

The central bank attributed the surge the rise in the country’s trade surplus, adding that it soared by 66.7 percent on an annual basis.

Kuwait’s total surplus, including the net value of external assets of some government institutions and the central bank’s own reserves, hit USD48.34 billion in 2011, up from USD37.64 billion surplus in 2010, the central bank said.

Growth in the net value of Kuwaiti residents’ assets abroad also accelerated during 2011, the central bank added.

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