SPENDING BY KUWAITIS AND FOREIGNERS INCREASED BY 30% IN FIRST QUARTER OF 2022

  • 05/09/2022

Kuwait City: During the first half of this year, residents' and citizens' spending increased by about 30%. (from January to the end of June). Their spending increased by KD 4.66 billion to reach KD 20.44 billion at the end of June 2022, compared to KD 15.78 billion at the end of June 2021. According to statistics compiled by the daily based on official data released by the Central Bank of Kuwait, this increase was primarily caused by a KD 1.8 billion increase in spending at points of sale (direct purchases made with bank cards), not to mention a KD 2.4 billion increase in online purchases. 


According to the data, KD 19.48 billion, or 95% of what residents and citizens spent during the first half of the year, was spent inside Kuwait. Less than 5% of total spending by citizens and residents was spent outside of Kuwait. From KD 15.2 billion at the end of June 2021 to KD 19.48 billion at the end of June 2022, domestic spending increased by about 28 percent, or KD 4.28 billion. At the end of the first half of the year, spending outside of Kuwait had grown by 65 percent during the same time period. Compared to KD 580.7 million at the end of June, this came to KD 957.6 million. 

The lifting of COVID-19 restrictions and the facilitation of travel movement, which is experiencing a record season this year, were the primary causes of this increase. For more information, see the spending data of citizens and residents through points of sale. During the first half of this year, they spent KD 1.86 billion through these points of sale, up from KD 6.06 billion at the end of June 2021. By the end of June 2022, KD 7.93 billion had been spent through these points of sale by bank cards.

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