Expat Remittances Drop By 29.67% In Kuwait

According to Al-Seyassah daily, expatriate workers' remittances sent abroad declined by 29.67% during the first nine months of 2023.

In the mentioned period, expatriate workers sent remittances totaling 2.979 billion dinars ($9.718 billion), compared to 4.237 billion dinars ($13.822 billion) in 2022.

According to the Kuwait Central Bank's quarterly statistics, transfers have declined across three quarters. The most substantial drop occurred in the second quarter, with a 40.33% annual decrease to 892.1 million dinars. This was followed by a 31.46% decline in the third quarter to 867.7 million dinars, and a 17.34% decrease in the first quarter to 1.22 billion dinars.

Kuwait's balance of payments deficit for the third quarter of 2023 decreased by approximately 30.56% to 891.6 million dinars from the same quarter in 2022. Furthermore, the overall current account surplus decreased by about 11.28%, from 5.32 billion dinars in the corresponding quarter of the previous year, to 4.72 billion dinars in the third quarter of 2023.

Kuwait's balance of payments deficit increased by 40.73% from its level in the third quarter of 2022, which was approximately 330 million dinars.

Over the course of 2022, remittances from expatriate workers in Kuwait decreased by about 2.17%, to 5.406 billion dinars, down from 5.526 billion dinars the previous year.

As of the end of the second quarter of 2023, the population of the State of Kuwait is estimated to be approximately 4.824 million people, with expatriates constituting about 70% of the country’s demographic composition. In low- and middle-income countries, remittances contribute to poverty reduction, improved nutrition outcomes, and greater school enrollment rates for children from disadvantaged backgrounds.

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