KUWAIT'S ECONOMIC INDICATORS IMPROVE

  • 16/06/2022

Kuwait City: The country's economic indicators are reported to be improving. Primarily, the record rise in oil prices and the rapid recovery of the global economy helped. Fitch Solutions estimates that Kuwait's household spending is growing. During the current year, it has increased from 5.7% to 6.2%. It has increased from 10.7 billion in 2021 to 11.8 billion this year. 


According to Fitch, consumer spending is expected to grow by 6.7 percent in 2022 and 3.1 percent in 2023. Rising oil prices following the Russo-Ukrainian war also support expectations. In addition, the gradual recovery of the travel and tourism sector will boost retail sales in Kuwait. Extending the implementation of the value-added tax until 2024 will also help, Fitch reports.

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