Kuwait’s consumer expenditure reaches new heights

The Central Bank of Kuwait released statistics indicating a significant surge in consumer spending among citizens and residents in 2023. The total spending, both within and outside the country, witnessed a remarkable increase, jumping by 3.6 billion dinars to a record 45.79 billion. This growth of 8.6 percent was compared to the 42.18 billion spent in 2022.

According to the Central Bank’s data, the volume of consumer spending within Kuwait in 2023 reached approximately 43.02 billion, with an additional 2.77 billion spent abroad. Notably, the last quarter of the year marked a historic peak in consumption, reaching around 11.58 billion.

In tandem with increased consumer spending, credit facilities granted by local banks to residents and non-residents experienced a growth of 1.14 billion dinars, reaching 53.58 billion in 2023, marking a 2.17 percent increase from the previous year. December alone saw a slight monthly increase of 120 million, constituting a 0.22 percent rise.

Real estate loans to financial institutions (investment companies) increased by 26 percent annually, reaching 1.997 billion at the end of 2023. Loans for the purchase of securities, including shares, amounted to 3.503 billion dinars, showcasing a monthly increase of 4.66 percent and a yearly increase of 6.44 percent.

In summary, Kuwait’s economic landscape in 2023 witnessed a surge in consumer spending, positive trends in credit facilities, and growth in both government and private sector deposits, underscoring the resilience of the country’s financial sector.