Kuwait – Mubasher: Kuwait’s current account surged to KWD 1.7 billion ($5.58 billion) in the first quarter of the fiscal year 2018/2019, its highest level in three years, compared to KWD 1.2 billion in the previous quarter.
The Kuwaiti trade surplus increased to KWD 3.4 billion in Q1-18/19 versus KWD 2.3 billion a quarter earlier, according to a report released by the Central Bank of Kuwait (CBK).
The deficit in the services balance went up to KWD 1.9 billion in the three-month period ended 30 June, while remittances rose to KWD 1 billion in the same period.
“An expansionary fiscal plan, in addition to higher oil prices, helped support domestic confidence. Growth in travel services was also robust, while the ongoing execution of development projects (infrastructure and administrative) fed into higher demand for construction and governmental services,” the CBK said.
