Consumer spending declines in past nine months

Consumer spending in Kuwait decreased during the first nine months of this year by over KD500 million.

Official figures from the Central Bank of Kuwait  (CBK) show consumer spending from January to September of this year dropped to KD17.37 billion from the KD17.88 billion during the same period last year.

Spending by citizens and residents on goods and services through point of sales (POS) fell by KD571 million to KD8.05 billion, down 6.6 percent from 8.62 billion in the same period last year. In the meantime, cash withdrawals from ATM registered a small increase of KD65 million to KD9.32 billion, from the KD9.25 billion withdrawn during the same nine month period in 2018.

Spending on goods and services abroad saw a decline of 14.4 percent, or KD117 million, to KD695 million from January to the end of September, compared with KD812 million spent on goods and services outside Kuwait during the same period in 2018.

Domestic spending on goods and services fell to KD7.35 billion, down KD454 million, or 5.8 percent, compared with KD7.8 billion during the same period last year.

Withdrawals from ATM within Kuwait witnessed a slight increase and recorded KD9.04 billion, up KD70 million, or 0.78 percent during the first nine months of this year, compared with KD8.97 billion during the same period last year.

Withdrawals from abroad fell by KD5.4 million dinars, or 1.87 percent, down to KD282 million as of the end of September 2019, compared to the same period last year, which recorded withdrawals KD287 million dinars