Consumer spending up by 34% at end of 2021 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Consumer spending up by 34% at end of 2021 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

KUWAIT CITY, Feb 7: The Central Bank of Kuwait data shows consumer spending of citizens and residents in Kuwait at the end of 2021 jumped by 8.7 billion dinars, or 34%, to a record and historical level, compared to spending levels during 2020, reaching about 34.3 billion dinars at the end of last year, compared to 25.6 billion dinars at the end of 2020, reports Al-Anba daily. This is compared to spending in 2019, before the outbreak of the coronavirus pandemic, spending also recorded a 47% jump, with a value of 11 billion dinars, compared to spending of 23.3 billion dinars during 2019, according to the data, a copy of which has been obtained by the daily.

Spending
This record spending by citizens and residents during the past year coincides with the end of the strict restrictions imposed during 2020 to contain the spread of the Covid-19 pandemic, in addition to postponing citizens’ premiums for a full year, and residents’ premiums on loans for a period of 6 months, which provided great liquidity to the market and enhanced consumer spending. The fourth quarter of last year witnessed the highest level of consumer spending in 3 months, amounting to about 9.5