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Kuwait’s expat remittances drop by 28.47%

Remittances from expatriate workers in Kuwait fell by 28.47% in 2023. According to Al-Seyassah daily, expat remittances dropped from 3.867 billion dinars ($12.581 billion) in 2022 to 5.406 billion dinars ($17.588 billion) last year. Central Bank of Kuwait statistics show the net value of current transfers abroad decreased to 3.97 billion dinars in 2023 from 5.48 billion dinars in 2022.

Kuwait’s current account surplus for goods, services, and income decreased by 18.13% to 1.58 billion dinars in 2023 compared to 1.93 billion dinars in 2022. This decline is due to a decrease in merchandise balance surplus and an increase in the net deficit in Kuwait’s current balance of payments. Overall, Kuwait’s balance of payments shifted to a deficit of 150.2 million dinars in 2023 from a surplus of 1.13 billion dinars the previous year.

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