Kuwait Sees Drop in Expatriate Remittances
KUWAIT CITY, KUWAIT: Kuwait’s Central Bank data reveals a decline in the value of remittances sent home by expatriate communities in 2023. The total value of transfers abroad reached approximately KWD 3.9 billion, marking a significant decrease compared to KWD 5.4 billion in the previous year.
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This trend coincides with a broader shift in the net value of service-related transactions between residents and non-residents. The data indicates a widening deficit in this category, reaching KWD 5.8 billion in 2023 compared to KWD 5.1 billion in 2022. This deficit encompasses various service sectors, including transportation, travel, communications, and construction.
The reason behind the decline in remittances is a decrease in the overall expatriate population in Kuwait—also the economic challenges faced by the home countries of many expatriates.
The Central Bank’s report offers a glimpse into the dynamic nature of Kuwait’s economy. While the decline in remittances raises concerns, it is important to consider the broader context, including potential shifts in travel patterns or service sector activity, reported Indians in Kuwait.
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