In 2023, Kuwaiti Travel Spending Surges 9.2% To 4.39 Billion Dinars

Recent data released by the Central Bank of Kuwait sheds light on notable shifts in spending patterns, particularly in the realm of travel and tourism, among Kuwaiti citizens and foreign tourists alike.

According to the data, Kuwaitis demonstrated a robust appetite for travel and tourism in 2023, with expenditures witnessing a significant uptick of 9.2%. Total spending soared to 4.39 billion dinars by the year's end, marking a notable increase from the four billion dinars recorded in 2022. This surge is attributed to various factors, including the introduction of new travel destinations, expanded airline offerings, and heightened interest in events such as the Riyadh Season in Saudi Arabia.

Furthermore, spending by foreign tourists in Kuwait experienced an impressive 60% surge, reaching 533.3 million dinars compared to 332.6 million dinars in 2022.

However, amidst these spending surges, the data also reveals a contrasting trend in expatriate remittances, which saw a notable decline of 28.5% in 2023, dropping to 3.86 billion dinars from 5.4 billion dinars in 2022. This decrease, reflective of economic challenges and shifting demographics, marks the second consecutive year of decline in expatriate remittances.

Additionally, Kuwait's merchandise exports witnessed a decline of 16%, falling to 23.9 billion dinars in 2023 from 28.79 billion dinars in the previous year. Meanwhile, merchandise imports decreased by 15% to 25.8 billion dinars compared to 30.7 billion dinars in 2022.

Despite these fluctuations, Kuwait maintained a surplus in the current account, albeit with an 18.3% decrease to 15.8 billion dinars in 2023. This decline is primarily attributed to changes in merchandise balance surplus and service account deficits.

Overall, Kuwait's balance of payments for 2023 recorded a deficit of about 150.2 million dinars, signaling a shift from the surplus observed in the previous year.

Comments Post Comment

Leave a Comment

Submit