REMITTANCES INCREASED BY 8,6% TO KD 4.14 BILLION IN KUWAIT

  • 20/02/2022

Kuwait City: Spending on travel by residents and expatriates increased by 7.98 percent in the third quarter of 2021 compared to the second quarter of the same year, after falling by 16.62 percent in the second quarter compared to the first quarter, from 590.8 to 492.6 million dinars. According to preliminary data from the Central Bank of Kuwait for the third quarter of last year, as well as amended data for the second quarter of 2021, spending on travel increased by 15.96 percent in the third quarter of 2021 compared to the same period of 2020, which was 458.7 million dinars, after the second quarter of last year saw a record jump in spending on travel, which was 506.65 percent compared to the same period of the previous year. 


Despite rises in the second and third quarters of last year compared to the same period in 2020, Kuwaitis' overall travel spending in the first nine months of 2021 was 1.615 billion dinars, down 6.69 percent from the previous year's corresponding period of 1.731 billion dinars. This is owing to a 50.4 percent drop in travel spending in the first quarter of 2021 compared to the same period in 2020, from 1.19 billion to 590.8 million dinars, due to "Corona" restrictions. 

According to Central Bank data, expatriate remittances abroad totaled 1.376 billion dinars in the third quarter of last year, down 1.71 percent from the second quarter of the same year, which was 1.399 billion dinars, following a 2.35 percent increase in the second quarter compared to 1.367 billion dinars in the first quarter. Expat remittances decreased by about 1.97 percent in the third quarter of last year compared to the same quarter of the previous year, which was about 1.404 billion dinars, after increasing by about 32.5 percent in the second quarter of 2021 compared to the same period the previous year, from 1.056 to 1.399 billion dinars.

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