Latest News
- Fire Brigade Successfully Contains House Fire In Sulaibikhat
- Kuwait Authorities Refer Kuwaiti Citizen And Expatriate To Narco...
- Kuwait Mourns The Passing Of Esteemed Linguist And Educator Hamz...
- Ministry Of Education Introduces Teacher Licensing Requirement F...
- General Traffic Department Approves 29 Insurance Companies For C...
- Kuwait To Implement New Work Visa And Transfer Regulations In Ju...
- New 24/7 News Channel To Launch In July, Announced By Ministry O...
- Kuwaiti Dentists Make Up 85% Of Those Working In The Public Sect...
- The Royal And His Accomplices Were Remanded To Police Custody Fo...
- Egyptian Victim Of Bank Card Theft
- Electricity Disconnected From Seven Homes For Housing Expatriate...
- Amend Your Status Or Leave Kuwait
Consumer Spending In Kuwait Rises
Al-Rai daily reports that consumption among citizens and expatriates in the country increased by KD2.338 billion or 28.51 percent in the second quarter of this year — KD10.538 billion by June compared to KD8.199 billion last year — despite a three-fold increase in the discount rate from March to June. The data showed a significant increase in spending within the above-mentioned period, although it is assumed that successive decisions to raise discount rates are considered a catalyst for reducing money supply.
Consumer spending in the second quarter increased by KD631.6 million (+6.4 percent) compared to spending from January to March (before the increase in discount rate), which amounted to KD9.906 billion according to the Central Bank of Kuwait data on the value of transactions through bank cards in and outside Kuwait and through websites.
In addition, consumer spending during the first half of this year reached KD20.444 billion, compared to KD 15.784 billion within the same period in 2021 — an increase of KD4.66 billion or 29.5 percent. Spending in the second quarter of this year increased by KD5.823 billion or 123.5 percent compared to spending within the same period in 2020 when the Corona pandemic led to the imposition of certain restrictions. In June and July — that is after applying three decisions to raise the discount rate, consumer spending through points of sale, cash withdrawals and websites in the country reached KD10 billion (19.5 billion in the first half); while spending through these channels outside the country reached KD480.6 million (KD957.6 million in the first half).
In August, the inflation recorded was 4.15 percent, rising by 0.08 percent monthly due to increase in the prices of all major groups affecting the movement of indices, especially foodstuff and education. With 8.3 percent, domestic inflation is the lowest compared to America, 9.1 percent in Europe, and 9.9 percent in Britain.
Get The Latest and important news on our Telegram Channel click here to join
Trending News
-
Ministry Systems Hacked, Electricity Bills Altered
11 May 2024
-
Kuwait Unveils Monumental Solar Energy Project For...
06 May 2024
-
Eid Al-Adha Holiday In Kuwait: Potential 9-Day Bre...
15 May 2024
-
Team To Inspect New Airport's Solar Panel Installa...
12 May 2024
-
Expatriates Caught On Video Stealing Electricity W...
11 May 2024
-
Issuing Work Permits Based On Academic Certificate...
07 May 2024
-
Kuwait Terminated 10,000 Expats Over 5 Years
15 May 2024
-
Whatsapp New Updates Announced To Enhance Privacy...
14 May 2024
-
Ministry Of Interior Extends Biometric Fingerprint...
14 May 2024
-
MoH Updates Employee Working Hours
13 May 2024
Comments Post Comment