Arab News, Wed, May 29, 2024 | Dhu al-Qadah 21, 1445
Saudis spent more money on electronic devices during the 4th week of May: SAMA data
Saudi Arabia:
Saudi Arabia’s point-of-sale spending reached SR11.2 billion ($2.98 billion) in
the fourth week of May, official figures showed.
The latest data from the Saudi Central Bank, also
known as SAMA, revealed that spending on electronic and electric devices surged
by 9.5 percent to reach SR240.4 million.
Beverages and food, which accounts for the largest
share at 14.9 percent, saw a 5.9 percent decline, reaching SR1.66 billion,
during the week from May 19 to 25.
Meanwhile, transactions at restaurants and cafes,
holding a 14.6 percent share, recorded a slower decline of 4.8 percent,
amounting to SR1.64 billion.
Saudi spending on miscellaneous goods and
services, including personal care items, supplies, maintenance, and cleaning,
constituted the third-highest share and witnessed a 5.1 percent decline that
week, reaching SR1.36 billion.
Despite composing only 1 percent of the week’s
overall POS value, spending on education recorded a minimal increase of 0.1
percent to SR152.48 million.
In the past few years, this sector has been
allocated the largest share of government expenditure in comparison to other
divisions of the economy.
Efforts are underway to revamp the education
system, aiming to equip the national workforce with the necessary skills to
thrive in a technological and information-centric global economy.
The hotel sector experienced the largest decline
in POS transaction value, dropping 10.9 percent to SR227.13 million.
According to data from SAMA, 35.44 percent of POS
spending occurred in Riyadh, with the total transaction value reaching SR3.97
billion. However, this represents a 1.6 percent decrease from the previous
week.
Riyadh has undergone considerable expansion,
evolving into a pivotal center for growth and progress. The city is witnessing a
surge in new businesses setting up operations, drawn by its vibrant economic
landscape and strategic prospects for investment and innovation.
Spending in Jeddah followed closely, accounting
for 14.3 percent of the total and reaching SR1.60 billion; however, it marked a
3.1 percent weekly drop.
The two cities that registered the highest
declines in POS spending were Makkah and Madinah, with decreases of 11 percent
and 6.8 percent, respectively. The value of transactions in Makkah reached
SR380.98 million, while in Madinah, it was SR393.26 million.