Kuwaitis’ spending on travel increased significantly in the first quarter of this year, reaching 66% on a quarterly basis.<\/p>\n
The increase in Kuwaiti spending on travel comes at a time when Kuwait’s current account achieved a surplus of 1.6 billion dinars ($5 billion).<\/p>\n
According to a statement by the Central Bank of Kuwait, Kuwaitis’ spending on travel amounted to $1.96 billion, compared to $1.18 billion in the last quarter of last year.<\/p>\n
The bank stated that spending on travel declined during the first quarters of this year, by 50.4% compared to its level in the corresponding quarter of last year, when Kuwaitis spent about 1.19 billion dinars ($3.953 billion) on travel at that time.<\/p>\n
According to the data, remittances from expatriates amounted to 1.367 billion dinars ($4.541 billion) in the first quarter of this year, a decrease of 7.3% compared to the transfers of the fourth quarter of 2020 amounting to 1.475 billion ($4.9 billion).<\/p>\n
The Central Bank said in a statement that the surplus decreased by two billion dinars ($6.6 billion) from the surplus recorded in the fourth quarter of 2020 of 3.6 billion dinars ($11.8 billion), a decrease of 56.2%.<\/p>\n
The Central Bank attributed this decrease to a decrease in the value of the total receipts listed on the credit side of the account by 2.2 billion dinars ($7.2 billion) on the one hand, and a decrease in the value of the total payments listed on the debit side by 238.8 million dinars ($788 million) on the other hand.<\/p>\n
The value of the commodity balance surplus during the first quarter of 2021 increased by about 808.6 million dinars, or 70.7%, compared to the previous quarter. This brings the value of this surplus to about 1952.2 million dinars ($6.48 billion), compared to 1143.7 million ($3.8 billion) during the previous quarter, as a result of the increase in the value of oil exports.<\/p>\n
The Central Bank of Kuwait also confirmed that the overall situation of Kuwait’s balance of payments during the first quarter of this year recorded a deficit of 1197.5 million dinars ($3.9 billion), compared to a deficit of 0.9 million dinars ($2.98 million) during the previous quarter, as a result of developments. in the main accounts of the balance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kuwaitis’ spending on travel increased significantly in the first quarter of this year, reaching 66% on a quarterly basis. The increase in Kuwaiti spending on travel comes at a time when Kuwait’s current account achieved a surplus of 1.6 billion dinars ($5 billion). According to a statement by the Central Bank of Kuwait, Kuwaitis’ spending […]<\/p>\n","protected":false},"author":4,"featured_media":209309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278],"class_list":["post-209308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured"],"yoast_head":"\n