Report: This is How Much Kuwait Expats and Citizens Spent in 2023!
- Publish date: Friday، 02 February 2024
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According to the Central Bank of Kuwait, spending by both expatriates and citizens reached a historic high in 2023, totaling over KD45 billion. This marked an 8.5% increase from the previous year, reflecting robust economic activity within the country.
Economic Growth Driven by E-Payments
The rise in overall spending was largely fueled by increased expenses via e-payment methods and online purchases. Data revealed a significant jump in e-spending, which soared by 18.9% to reach KD17.5 billion by the end of 2023, as reported by Kuwaiti newspaper Al Anba.
Domestic and Overseas Expenditure
Domestic spending by Kuwaitis and expatriates combined amounted to KD43.2 billion, showing a substantial uptick from KD39.7 billion in the previous year. Similarly, spending while abroad witnessed a 13.2% increase, totaling KD2.6 billion in 2023 compared to KD2.4 billion in 2022.
Population and Workforce Statistics
Foreigners currently constitute approximately 3.2 million of Kuwait’s population, according to recent census data. The public sector, which employs around 483,200 individuals, has a significant foreign workforce, comprising 23% of the total.