2023-10-16 14:10:30
Live – Iman Ghaly: Official data showed a decline in the value of remittances from expatriate workers in the State of Kuwait abroad in the first half of 2023 by about 19.08% annually.
The value of remittances from workers in Kuwait in the first six months of the current year amounted to 2.404 billion dinars ($7.786 billion), compared to 2.971 billion dinars ($9.623 billion) in the same period in 2022.
Contributing to this decline, according to data from the Central Bank of Kuwait, was the decline in transfers in the first quarter annually by 16.26% at 1.236 billion dinars, with transfers in the second quarter falling by 21.87% to 1.168 billion dinars.
Remittances are a vital source of household income for low- and middle-income countries. They also reduce poverty, improve nutrition outcomes, and are associated with higher birth weights and higher school enrollment rates for children in disadvantaged families.
Data from the Kuwaiti Central Administration of Statistics showed an increase in the number of workers at the end of the second quarter of 2023 by about 0.78%, at 2.089 million workers, compared to 2.073 million workers at the end of the first quarter of the current year.
The population of the State of Kuwait at the end of the second quarter of 2023 is approximately 4.824 million people, an increase of 8.06% over its level at the end of the same quarter of the previous year, which amounted to 4.464 million people.
The data revealed a decrease in the deficit in the secondary income account, which includes workers’ transfers, in the second quarter of the current year by 21.19% to 1.19 billion dinars, compared to its level in the corresponding quarter of last year of 1.51 billion dinars, with a quarterly decrease of 6.29%.
In general, the balance of payments of the State of Kuwait turned into a deficit in the second quarter of 2023 at a value of 293 million dinars ($949 million), compared to a surplus of 498.3 million dinars ($1.61 billion) in the corresponding quarter of 2022.
To trade and invest in Gulf stock exchanges, click here
Follow the latest stock and economic news via our Telegram channel
Nominations:
Two factors shift the Kuwaiti balance of payments into deficit in the second quarter
Kuwait’s budget deficit in the first quarter is at the highest level in two years
“Capital Markets” approves the merger project of “KFH” and “United Kuwait”
1697466213
#billion #remittances #expatriate #workers #Kuwait