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Wednesday , November 25 2020

Expenditure of Kuwaitis and expats decreases during first nine months

Total cash withdrawals from ATMs rise slightly

KUWAIT CITY, Nov 9: Expenditure of citizens and residents decreased during the first nine months of this year by about 506 million dinars, reports Al-Rai daily. According to official figures issued by the Central Bank of Kuwait (CBK), spending dropped to 17.37 billion, down 2.8 percent from 17.88 billion dinars in the period from January to the end of September 2019. Spending by citizens and residents on goods and services through direct selling points fell by 571 million to 8.05 billion, down 6.6 percent from 8.62 billion in the same period last year.

Spending on goods and services abroad saw a decline of 14.4 percent, or KD 117.2 million, to 695 million from January to the end of September, compared with 812.2 million spent on goods and services outside Kuwait during the same period in 2018.

Domestically, spending on goods and services fell to KD 7.35 billion, down 453.6 million, or 5.8 percent, compared with 7.8 billion during the same period last year. Meanwhile, total cash withdrawals from ATMs rose slightly by 0.7 percent to KD 65 million during the first nine months of this year, reaching 9.32 billion, compared with 9.25 billion for the same period in 2018.

Withdrawals were distributed within Kuwait, where it witnessed a slight increase and recorded 9.04 billion, up 70.3 million, or 0.78 percent during the first nine months of this year, compared with 8.97 billion during the same period last year.

The cash withdrawals for citizens and residents abroad fell by 5.4 million dinars, or 1.87 percent, down to 281.9 million as of the end of September 2019, compared to the same period last year, which recorded withdrawals 287.3 million dinars

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