Kuwait’s expat remittances plunge by 28.47%

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KUWAIT CITY, April 29: The value of remittances from expatriate workers in Kuwait declined by 28.47% in 2023. The Al-Seyassah daily said last year the remittances of expatriates from Kuwait were about 3.867 billion dinars ($12.581 billion), compared to 5.406 billion dinars ($17.588 billion) in 2022. Based on statistics issued by the Central Bank of Kuwait, the secondary income account deficit in the net value of current transfers abroad decreased to 3.97 billion dinars during 2023, compared to 5.48 billion dinars in 2022.

The value of Kuwait’s current account surplus with respect to goods, services, and income decreased in the past year by 18.13% to 1.58 billion dinars, compared to 1.93 billion dinars in 2022. This decline in the current account is attributed to a decrease in the merchandise balance surplus, and an increase in the net deficit in the Kuwait’s current balance of payments. In general, the overall position of the Kuwaiti balance of payments turned into a deficit during the year 2023 at a value of 150.2 million dinars, compared to a surplus of 1.13 billion dinars in the previous year.

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