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FinancialNews
26-02-23
Fitch report: Kuwait to experience powerful expansion in spending this year
(MENAFN) Triggered by a strong macroeconomic environment, Kuwait is estimated to see powerful expansion in spending in 2023, in line with a recent report by Fitch Solutions.
As relatively robust oil costs backing shipment income, the report pointed out that consumer expenditure in Kuwait in 2023 is going to record moderate yet steady expansion of 4.4 percent on a yearly basis, dropping from the 5.2 percent projected last year.
In nominal terms, overall spending is going to come in at 20.6 billion Kuwaiti dinars (USD67 billion) this year, rising from 19.2 billion dinars last year.
The rate of expansion over the last two years was greater than estimated after a successful COVID-19 vaccination rollout, the Fitch report asserted, also mentioning that an additionally steady forecast over the next 4 years (2023-2027) is forecasted as the volatility associated to COVID-19 subsides.
The forecast for spending expansion this year is reinforced by the estimation that the introduction of a worth-added tax is going to be delayed until 2024 after worries around inflation and the dissolution of Parliament.
MENAFN26022023000045014228ID1105646718
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