Arab News, Thu, Sep 12, 2024 | Rabi al-Awwal 9, 1446
Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
Saudi Arabia:
Saudi Arabia’s point-of-sale transactions dipped
in the first week of September, dropping by 4.9 percent from the previous week
to reach SR13.3 billion ($3.5 billion), with the education sector leading the
decline.
The latest figures from the Saudi Central Bank,
also known as SAMA, showed that spending in the education sector led the dip,
recording the highest decrease at 43.6 percent, with total transactions reaching
SR350 million.
This week marks the third time in a row the
education sector witnessed a decrease in spending after surging for four
consecutive weeks, coinciding with the start of the academic year on Aug. 18.
During the first week of September, spending on
public utilities saw the second-largest decline at 25.1 percent to SR59 million.
Spending on culture and recreation recorded the
third biggest dip with a 12.2 percent negative change, reaching SR293.4
million.
Expenditure on miscellaneous goods and services
recorded the smallest decline at 0.7 percent, reaching SR1.57 billion during
this period.
Saudis spent SR209.8 million on electronic and
electric devices and SR1.92 billion at restaurants and cafes. These two sectors
experienced the second and third smallest declines, dropping 0.8 percent and 1.3
percent, respectively.
Looking at the biggest value of transactions this
week, the food and beverages sector saw the biggest share of the POS at SR2.10
billion, followed by restaurants and cafes and miscellaneous goods and services.
Spending in the top three categories accounted for
41.98 percent or SR5.6 billion of this week’s total value.
The most significant increase, at 7.8 percent,
occurred in spending on jewelry, boosting the total to SR247.8 million.
Expenditures on furniture came in second place, surging by 5.4 percent to
SR309.3 million. In third place, hotel spending increased by 3 percent to
SR245.3 million.
Geographically, Riyadh dominated POS transactions,
representing 34.1 percent of the total, with spending in the capital reaching
SR4.55 billion — a 4.6 percent decrease from the previous week.
Jeddah followed with a 5 percent decline to SR1.82
billion, accounting for 13.6 percent of the total, and Dammam came in third at
SR662.1 million, down 4.2 percent.
Tabuk saw the most significant decrease in
spending, down by 9.9 percent to SR265 million. Buraidah and Abha also
experienced downsticks, with expenditure dipping 7.9 percent and 7.7 percent to
SR309.1 million and SR176.5 million, respectively.
In terms of the number of transactions, Makkah
recorded the highest increase at 1.9 percent, reaching 8,613. Tabouk recorded
the highest decrease at 2.7 percent, reaching 4,850 transactions.