Mubasher: Consumer spending in Kuwait hiked by 159% to KWD 9.56 billion in seven years since 2010, according to a recent report by Alanba News.
The consumer spending contribution to Kuwait’s gross domestic product (GDP) rose to 45.3% in 2016 from 29% in 2010.
This signals the strength of the consumer sector and its significant role in the Kuwaiti economy growth, bolstered by incomes and loans.
The GDP per capita in Kuwait reached KWD 71,800, as Kuwait has been ranked sixth among the world’s highest income nations, according to a report by Moody’s.
Incomes of Kuwaiti citizens working in the public sector doubled to KWD 6.32 billion in 2016 from KWD 3.2 billion in 2010.
Government incomes rose 10% year-on-year over the past eight years to KWD 38 billion.
Credit facilities, which pushed consumer spending in Kuwait higher, amounted to KWD 14.66 billion in July 2017, equivalent to 41% of total banks’ credit facilities.
Consumption loans, which represent 7.6% of personal loans, recorded an annual growth rate of 7% over the past seven years to reach about KWD 1.11 billion at the end of July.
