Kuwait: consumer spending remains healthy on strong borrowing, says NBK
NBK’s latest Economic Update says the consumer sector remained strong thus far in 2013, though there are some signs that rapid growth is beginning to moderate. Household debt maintained solid but steady growth through June and point-of-sale spending growth was still in the double-digits in the first half of this year. Employment growth was relatively steady, in particular among Kuwaiti nationals and skilled expats. The latter two groups are crucial to the consumption sector as they comprise higher income households.