This is How Much Kuwaitis Spent on Travel in Jan-Sept 2023

During the third quarter of 2023, Kuwaitis significantly boosted their spending on travel, escalating by around 13.92%.

Kuwaiti Travel Expenditure Surge

The total expenditure soared to 1.157 billion dinars from the previous quarter's 1.016 billion dinars between April and June.

The Central Bank's data reported a 1.57% increase from the third quarter of 2022, reaching 1.139 billion dinars. Impressively, over the nine-month period from January to September 2023, travel expenses surged to 3.534 billion dinars, marking a substantial 13.65% increase compared to the same period in 2022, which recorded expenditures of 3.112 billion dinars.

Other Key Economic Trends

From January to September this year, expatriate remittances in Kuwait decreased by 29.67%, totaling 2.98 billion dinars versus 4.24 billion dinars from the previous year.

The country's current account marked a third-quarter surplus of 4.72 billion dinars, contributing to a nine-month surplus of 12.22 billion dinars. However, this reflects an 11.2% decrease in the Q3 surplus compared to last year and a 16.6% decline in the overall surplus.

Kuwait's exports of goods and oil saw declines of 16.9% and 17%, respectively, in Q3 2023, while merchandise imports rose by 15.8%. For the Jan-Sept period, exports amounted to 19.52 billion dinars, down 18.6%, and imports reached 7.54 billion dinars, up 15.5%.