Kuwaitis, expats spending dips – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Kuwaitis, expats spending dips – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

KUWAIT CITY, May 10: The spending rate of citizens and expatriates declined by 3.4 percent in the first quarter of 2021 — a total of KD 5.4 billion compared to KD 5.6 billion in the fourth quarter of 2020, reports Al-Anba daily. This is attributed to the re-implementation of closure measures to curb the spread of coronavirus, partial curfew in March, and travel restrictions which limited citizens’ travels for tourism purposes. Thus, their spending decreased in the first quarter of this year. In the fourth quarter of last year, the country witnessed a partial breakthrough in the restrictions imposed to address the pandemic and the gradual return to normal of various economic activities.

However, the number of corona cases increased again in the first quarter of this year; so the closure measures were implemented again and this has affected consumer spending. According to statistics that the daily generated based on data from the Central Bank of Kuwait, the spending of citizens and expatriates increased by eight percent annually before the corona crisis. This is in comparison with the amount recorded in the first quarter of 2020 — KD5 billion. It should be noted that the first quarter of last