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Monday , November 28 2022

Remittances up 8.6% to KD 4.14 billion

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Spending on travel by Kuwaitis, expats rose by 7.98 percent in Q3 ’21

KUWAIT CITY, Feb 19: In the third quarter of 2021 spending on travel by citizens and expatriates rose by 7.98 percent compared to the second quarter of the same year, after it had declined in the second quarter compared to the first quarter by 16.62 percent from 590.8 to 492.6 million dinars, reports Al-Rai daily. The preliminary data of the balance of payments for the third quarter of last year, as well as the amended data for the second quarter of 2021, issued by the Central Bank of Kuwait Monday, spending on travel during the third quarter of 2021 recorded an increase of 15.96 percent compared to the same period of 2020, which was 458.7 million dinars, after the second quarter of last year witnessed a record jump in spending on travel, which was 506.65 percent compared to the same quarter of the previous year, which was only 81.2 million dinars.

Despite the increases recorded in the second and third quarters of last year compared to the same period of 2020, the total spending of Kuwaitis on travel during the first nine months of 2021 was 1.615 billion dinars, down by 6.69 percent compared to the corresponding period of the previous year, which was 1.731 billion dinars. This is due to a decrease in travel spending during the first quarter of 2021 by 50.4 percent compared to the same quarter of 2020 as a result of “Corona” restrictions, from 1.19 billion to 590.8 million dinars.

The Central Bank data shows the remittances of expatriates abroad during the third quarter of last year was 1.376 billion dinars, down by 1.71 percent compared to the second quarter of the same year, which was 1.399 billion dinars, after witnessing an increase in the second quarter by 2.35 percent compared to 1.367 billion dinars in the first quarter. The remittances of expatriates recorded a decrease in the third quarter of last year of about 1.97 percent compared to the same quarter of 2020, which was about 1.404 billion dinars, after they had jumped in the second quarter of 2021 by about 32.5 percent compared to the same period of the previous year from 1.056 to 1.399 billion dinars.

The total remittances of expatriates during the first nine months of 2021 were about 4.144 billion dinars, an increase of 8.63 percent compared to the corresponding period of 2020, which was 3.814 billion dinars. The Central Bank data indicated that the current account (which shows the summary of receipts and payments between the local economy and other economies in relation to transactions of goods, services and income) recorded a surplus during the third quarter of 2021, of about 2.606 billion dinars, compared to a surplus of 3.262 billion during the previous quarter, a decrease in value is 656 million, or 20.1 percent, as this decrease is attributed as a result of the increase in the value of the receipts listed on the credit side of the current account by about 385.8 million dinars, or by 4.8 percent, compared to the previous quarter on the one hand, and the increase in the value of payments listed on the debit side of the current account by 1041.8 million dinars, or 21.5 percent, compared to the previous quarter, on the other hand.

The data also showed an increase in the value of the commodity balance surplus during the third quarter by about 244 million dinars, or 8.3 percent, compared to the previous quarter, bringing the value of this surplus to about 3.179 billion dinars, compared to 2.935 billion during the previous quarter. And the services account (the net value of transactions related to services between residents and non-residents, including transportation, travel, communications, construction, and other services, in addition to government services and goods) recorded a deficit during the third quarter of 2021 amounting to about 1.002 billion dinars, compared to a deficit of 530.7 million during the previous quarter. As a result of developments in the main balance accounts, the overall position of Kuwait’s balance of payments during the third quarter of 2021 recorded a surplus of 296 million dinars, compared to a surplus of 278.1 million during the previous quarter.

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