Expats In Kuwait Face Financial Constraints As Remittances Decline By 5.6%

06 October 2023 Expats

During the second quarter of this year, Kuwaitians spent about 1.016 billion dinars on travel, a decrease of about 25.3% compared to the first quarter of 2023, where they spent about 1.36 billion dinars. In contrast, Al-Rai daily reports that spending increased by about 21.6% compared to last year's second quarter — 835.8 million dinars. In the first half of this year, total travel expenses reached 2.377 billion dinars, up 20.5 percent from 1.972 billion dinars in the first half of last year.

As of the second quarter of 2023, remittances from expatriates were about 1.168 billion dinars, a decrease of 5.6% compared to the first quarter, which totaled 1.237 billion dinars, according to the Central Bank of Kuwait's balance of payments report. As compared to its level of 1.495 billion dinars in the second quarter of 2022, it decreased by about 21.9 percent.

A balance of payments report for Kuwait published by the Central Bank of Kuwait indicates that expatriate workers remitted a total of KD 1.22 billion in the first quarter of 2023, an increase of 4.48 percent compared to the fourth quarter of 2022, when the total was KD 1.167 billion. In comparison to its value in the first quarter of last year, which was KD 1.476 billion, it decreased by about 17.34 percent.

 

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