New data released by the Central Bank of Kuwait has shown a notable increase in consumer spending by both citizens and residents. The figures reveal that consumer spending surged by 8.6% to reach a total of 3.6 billion dinars during the past year, leading to a combined spending amount of approximately 45.79 billion dinars, inclusive of expenditures within and outside of Kuwait.
In comparison, the previous year, 2022, witnessed a spending volume of 42.18 billion dinars. The data indicates that citizens and residents collectively spent around 43.02 billion dinars within Kuwait, while their spending outside the country amounted to approximately 2.77 billion dinars.
Notably, the final quarter of 2023 demonstrated the highest level of consumption spending throughout the year, with disbursements reaching approximately 11.58 billion dinars. This record-breaking quarterly spending has marked a significant milestone in Kuwait’s economic history. The increase in consumer spending points towards a boost in economic activity within the country, highlighting growing confidence and increased purchasing power among citizens and residents.
The data from the Central Bank unveils a positive trend that reflects the overall economic health of Kuwait, as individuals are willing to allocate a larger portion of their incomes towards various goods and services. This surge in spending is not only indicative of an improving economy but can also have far-reaching impacts on various sectors. Retail, hospitality, tourism, and other industries can expect increased demand and revenue as a result of this notable rise in consumer spending. Consequently, this positive trend may provide further impetus for economic growth and development in Kuwait.