KUWAIT: The Quarterly Statistical Bulletin (October – December 2014) issued by the Central Bank of Kuwait (CBK) and published on its website, provides some economic and monetary indicators that are worth following up.
We will mention some of those indicators for the purpose of documenting their development. An example is the balance of trade (commodity exports minus commodity imports) which achieved a surplus in the 4th Quarter of 2014 by KD 3.604 billion as Kuwait’s exports during this quarter scored KD 5.942 billion, of which 92.6 percent were oil exports. Total commodity exports for the entire year of 2014 scored about KD 29.639 billion, of with 93.6 percent were oil exports. Commodity imports -excluding military- during the 4th quarter of 2014 were at KD 2.338 billion. And the value of commodity imports -excluding military- for the entire year 2014 scored KD 8.961 billion. Balance of trade achieved a surplus in the 1st quarter of 2014 at KD 5.751 billion, and decreased very slightly in the 2nd Quarter to KD 5.738 billion, and continued decreasing to KD 5.585 billion in the 3rd Quarter. Overall, the balance of trade achieved a surplus at KD 20.677 billion in the year 2014 which is less by -15 percent than KD 24.334 billion achieved in 2013.
Consumer prices index in 2014 achieved a positive growth by 2.9 percent as its average was 133 (in 2007=100), up from 129.2 in 2013, which comes within the reasonable limits. The growth in prices is balanced even in the food prices index, which went from 141.9 average in 2013 to 146 average in 2014 (+2.9 percent).
The bulletin indicates a continuous drop in the weighted interest rates of balances on deposits from 1.504 percent in the 3rd quarter to 1.498 percent in the 4th quarter, (a quarterly drop by -0.4 percent). Likewise, it dropped from 1.537 percent in 2013 to 1.498 percent in 2014, (a yearly drop by -2.5 percent). The weighted interest rates of balances on loans increased from 4.349 percent to 4.380 percent, (a quarterly growth rate by 0.7 percent). But it dropped from 4.647 percent in 2013 to 4.362 percent in 2014, (a yearly drop by -6.1 percent).
Private sector deposits volume at local banks scored KD 32.480 billion, up from KD 31.386 billion at the end of 2013, (an increase of 3.5 percent). Finally, local banks’ claims on the private sector went up to KD 32.720 billion, from KD 31.099 billion in 2013,
