The point-of-sale (POS) spending in Saudi Arabia reached SAR11.65 billion ($3.1 billion) in the third week of May 2024.
According to the latest data from the Saudi Central Bank (SAMA), the largest share of spending, 15 percent, was on beverages and food, which saw a 9.3 percent decline, amounting to SAR1.77 billion ($471.94 million). Transactions at restaurants and cafes, which hold a 14.8 percent share, recorded a slower decline of 5.4 percent, reaching SAR1.73 billion ($461.27 million).
Spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share at 7.1 percent and witnessed a 7.1 percent decline, reaching SAR1.44 billion.
Despite comprising only 1 percent of the week’s overall POS value, spending on education recorded the largest decline at 23.2 percent, dropping to SAR152.33 million. This sector has received the highest proportion of government spending in recent years, as the education system is being overhauled to better prepare the national workforce for the increasingly technology- and information-driven global economy.
Read more: Saudi Arabia’s non-oil exports rise 3.3 percent to $18.6 billion in Q1 2024
The telecommunications sector experienced the second-largest decline in POS transaction value, dropping 10.1 percent to SAR95 million.
Approximately 35 percent of POS spending occurred in Riyadh, with the total transaction value reaching SAR4.04 billion, a 5.4 percent decrease from the previous week. Riyadh has experienced significant expansion, becoming a central hub for growth and development, attracting numerous new businesses.
Spending in Jeddah accounted for around 14 percent of the total, reaching SAR1.65 billion, but marked a 6.2 percent weekly decline. The two cities that registered the highest declines in POS spending were Hail and Tabouk, with decreases of 10.5 percent and 10.4 percent, respectively, reaching SAR176 million and SAR221 million.
For more news on the economy, click here.
