KUWAITAES EXPENDITURE OUTLOOK IMPROVES.

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Kuwaiti consumer and investment confidence surged upward in the aftermath of the 2003 Iraqi war. The increased willingness to spend will contribute to solid growth in both private and public sector expenditure throughout 2004.

Kuwaiti households are flush with liquidity and have access to increasingly attractive terms of consumer financing. That bodes well for growth in sales of high-end durable goods this year. Real estate values surged upward following the Iraq war. The property value bubble is not likely to burst any time soon, although the feverish pace of sales growth should cool by yearAEs end.

Orders for luxury household goods will experience growth in excess of 5 percent year-on-year through the third quarter. The PRB revealed that Kuwait has a fast growing consumer base. KuwaitAEs population is projected to grow 192...

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