The spending of citizens and expats increased by about 30 percent during the first half of this year.
07 September 2022, 12:00 AM
30 September 2022, 12:00 AM
The spending of citizens and residents increased by about 30 percent during the first half of this year (from January to the end of June). Their spending increased by KD 4.66 billion to reach KD 20.44 billion at the end of June 2022, compared to KD 15.78 billion at the end of June 2021, reports Al-Anba daily.
According to statistics prepared by the daily based on official figures issued by the Central Bank of Kuwait, this increase was mainly driven by the increase in spending through points of sale (direct purchase with bank cards) by KD 1.8 billion, not to mention the increase in online purchases, which went up by KD 2.4 billion.
The figures showed that 95 percent of spending by citizens and residents during the first six months of the year was inside Kuwait at KD 19.48 billion. The spending outside Kuwait was less than five percent of the total spending of citizens and residents.
This increase was driven by the lifting of COVID-19 restrictions and the facilitation of travel movement, which is witnessing a record season during the current year.
The spending inside Kuwait rose by about 28 percent with a value of KD 4.28 billion to reach about KD 19.48 billion at the end of June 2022, compared to KD 15.2 billion at the end of June 2021. The spending outside Kuwait increased by 65 percent during the same period, approaching one billion dinars at the end of the first half of the year. This amounted to KD 957.6 million, compared to KD 580.7 million at the end of June 2021.
The total cash withdrawals by citizens via ATMs increased by 7.16 percent with a value of KD 374.3 million during the first half of this year. The total withdrawals amounted to KD 5.59 billion at the end of June 2022, compared to KD 5.22 billion at the end of June 2021.
Cash withdrawals by citizens and residents inside Kuwait increased by 6.3 percent, amounting to KD 324 million during the first half of 2022, with a total value of about KD 5.45 billion, compared to KD 5.12 billion at the end of the first half of 2021.
Kuwait spending 2022