Kuwaitis' Spending On Travel Decreased By 33 Percent

The quarterly balance of payments statistics for the first quarter of this year showed that Kuwaitis’ spending on travel decreased by 33 percent, as they spent 964.2 million dinars in the first quarter of 2020, compared to 1.44 billion dinars in the first quarter of 2019.

According to the statistics issued by the Central Bank of Kuwait yesterday, remittances of (expatriate) workers increased during the first quarter of 2020 by 42.8 percent, to reach 1.354 billion dinars, compared to 947.9 million dinars in the corresponding period last year.

On the other hand, the volume of foreign direct investment in Kuwait increased during the first quarter of this year by 1.32 percent on an annual basis, registering 4.313 billion dinars (14.139 billion dollars), compared to 4.257 billion dinars (13.956 billion dollars) at the end of the corresponding period. From 2019, while the situation was different on a quarterly basis, as foreign direct investment declined by 3.19 percent, after it had reached 4.455 billion dinars in the fourth quarter of last year.

In its statistics, the Central Bank indicated that Kuwait’s international investment status in the first quarter of 2020 amounted to 26.571 billion dinars, down 18.63 percent from its level in the corresponding quarter of 2019 of 32.653 billion dinars.

In addition, the total external debt of Kuwait, which includes all the debt stocks from the government and the private sector, decreased during the first quarter of this year by 3.8 percent on an annual basis, reaching 17.984 billion dinars (58.96 billion dollars), compared to 18.689 billion. Dinars ($ 61.27 billion) in the first quarter of 2019.

On a quarterly basis, the size of Kuwait’s external debt increased by 11.05 percent in the first quarter of 2020; From 16.195 billion dinars in the fourth quarter of 2019.

 

SOURCE: ALRAIMEDIA

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