KUWAIT CITY, May 4: Data from the Central Bank of Kuwait revealed that total consumer spending by citizens and expatriates reached KD11.25 billion in the first quarter of 2025 -- 5.26 percent lower (KD625.2 million) compared to KD11.88 billion during the same period in 2024. This decline is largely due the 13 percent drop in online spending, which fell by KD622.2 million to KD4.14 billion in the first quarter of the year -- down from KD4.76 billion a year earlier. Spending through domestic websites experienced a notable 14.8 percent decrease (KD658.8 million), totaling KD3.77 billion compared to KD4.43 billion in the first quarter of 2024. In contrast, online spending through foreign websites rose by 11.2 percent or KD36.6 million, reaching KD363.2 million compared to KD326.6 million in the same period last year.

Automated teller machine (ATM) transactions fell by seven percent or KD192.5 million, totaling KD 2.4 billion in the first three months of 2025 compared to KD2.62 billion in the first quarter of 2024. Cash withdrawals within the country declined by 7.13 percent to KD 2.37 billion, while withdrawals outside the country dropped by 15.7 percent -- KD51.9 million compared to KD61.6 million last year.

On the other hand, direct purchases through points of sale (POS) increased by 4.21 percent or KD189.6 million, reaching KD4.68 billion in the first quarter of 2025 compared to KD4.49 billion in 2024. Spending through POS abroad rose by 1.4 percent, amounting to KD299.1 million, while domestic POS transactions increased by 4.4 percent or KD185.3 million, amounting to KD4.38 billion. New credit facilities totaled KD821.6 million within the same period, bringing the overall value to about KD 57.9 billion -- up from KD57.16 billion at the end of December 2024. Meanwhile, total bank deposits by residents and non-residents rose by 2.4 percent or KD1.3 billion, reaching KD55.12 billion by the end of March 2025.

Private sector deposits increased 2.5 percent or KD1.043 billion,n amounting to KD42.52 billion; while public sector deposits increased by KD395.5 million,n reaching KD7.65 billion, but government deposits decreased by KD132.1 million or 2.59 percent, amounting to KD4.95 billion. The reserve assets of the country were valued at KD14.22 billion by the end of March 2025, slightly down from KD14.68 billion a year earlier. This includes KD12.6 billion in foreign currencies and deposits, KD1.3 billion in special drawing rights, KD 205.1 million in IMF reserves, KD51.5 million in foreign securities, and KD31.7 million in gold at book value.