Saudi Arabia’s Point-of-Sale Spending Hits SR10.9 Billion in One Week
In a bustling week of economic activity, Saudi Arabia’s point-of-sale spending soared to SR10.9 billion ($2.9 billion) in just seven days ending on July 20. The education sector emerged as the shining star, experiencing a remarkable surge of 10.4 percent with transactions totaling SR94.1 million, according to data released by the Saudi Central Bank, also known as SAMA.
Ups and Downs in Different Sectors
While the education sector flourished, spending in hotels saw a modest 0.2 percent increase, reaching SR270.2 million. This small rise came after two consecutive weeks of significant growth in the sector. However, overall point-of-sale spending in the Kingdom took a downturn, dropping by 8.8 percent following a previous decrease of 9.8 percent.
Construction and building materials experienced a 5.2 percent dip, the smallest decrease among sectors, amounting to SR312.6 million. The health sector followed with a 10.2 percent drop, recording SR696.3 million in spending.
Clothing, footwear, and electric devices tied for third place in decline, each experiencing an 11.3 percent drop. The telecommunication sector witnessed the largest value decrease, with transactions totaling SR89.5 million after a 13 percent drop.
Regional Breakdown of Spending
POS spending in Riyadh accounted for 33.2 percent of the total, amounting to SR3.63 billion, reflecting a 7.1 percent decline from the previous week. Jeddah followed with 14.4 percent of the total spending, reaching SR1.58 billion with a 7.7 percent weekly decrease.
Expenditures in Hail, Tabuk, and Buraidah decreased by 14 percent, 12.4 percent, and 9.7 percent, respectively, with figures reaching SR168.2 million, SR189.3 million, and SR249.6 million. Makkah saw the smallest decrease, with a 3.9 percent change to SR441.4 million.