RIYADH: Saudi Arabia’s point-of-sale spending reached SR15.22 billion ($4.05 billion) from May 26 to June 1, official figures showed.
The latest data from the Saudi Central Bank, also known as SAMA, revealed that spending on food and beverages, which accounts for the largest share at 15.7 percent, saw a 43.8 percent surge, reaching SR2.40 billion, during this week.
Meanwhile, transactions at restaurants and cafes, which held a 13.6 percent share, increased by 26.2 percent, amounting to SR2.07 billion.
Saudi spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, constituted the third-highest share and witnessed a 37.5 percent increase that week, reaching SR1.87 billion.
Despite composing only 1.5 percent of the week’s overall POS value, spending on education recorded a major increase of 55.8 percent to SR237.5 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 an ever more technology- and information-centric global economy.
The clothing and footwear sector experienced the largest increase in POS transaction value, surging by 56.8 percent to SR999.08 million.
On the other hand, the telecommunication field witnessed the second-largest surge, with 56.4 percent, reaching SR148.6 million.
According to data from SAMA, 33.1 percent of POS spending occurred in Riyadh, with the total transaction value reaching SR5.04 billion, representing a 27.1 percent increase 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, accounting for 13.5 percent of the total and reaching SR2.06 billion, marking a 28.7 percent weekly positive change.
The two cities that registered the highest surges in POS spending were Hail and Tabuk, with increases of 56.6 percent and 55.1 percent, respectively.
The value of transactions in Hail reached SR260.84 million, while in Tabuk it was SR329.63 million.
Source: Arab News
