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Traveling expenditure in Kuwait increased by 17.5pc in ’13 Some European nations attract large number of Kuwaiti, expats tourists

KUWAIT CITY, April 26: Traveling expenditure in Kuwait increased by 17.5 percent in 2013 to register KD 2.96 billion, and for the first time, exceeded US$ 10.5 billion, according to the current exchange rate, reports Al-Qabas daily. As regards the initial figures given by Central Bank of Kuwait on the country’s budget balance of payment for 2013, the expenditure on traveling increased to KD 442.6 million from KD 2.52 billion in 2012.

The annual expenditure is growing rapidly, especially due to the growing number of travelers and varying travel destinations due to security and political turmoil in some Arab countries considered as the favorite traveling destinations for Kuwaitis, such as Egypt, Lebanon and Syria. Some European countries and Turkey, United Arab Emirates have benefited from the conflict, in terms of attracting a large number of Kuwaiti tourists and expatriates.

Meanwhile, the Central Bank of Kuwait stated the surplus trade balance of Kuwait for fiscal year 2013 is KD 25.44 billion. It added the 2013 balance of payment for the state showed a continuing surplus gain in foreign stock, wherein the current account surplus registered is valued at KD 20.31 billion, while the GDP stands at 39.7 percent against the surplus value of KD 22.06 billion, wherein the GDP stood at 43.1 percent in 2012.

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