https://arab.news/6uncy
- Reason behind the rise in transactions in the sector is the beginning of the new academic session
- Regional spending patterns showed that Riyadh accounted for 33.04 percent of POS transactions
RIYADH: Saudi Arabia’s point-of-sale spending totaled SR13.09 billion ($3.48 billion) for the week of Aug. 4 to 10, marking a decline from the previous week’s SR14.7 billion, the official data showed.
According to data from the Saudi Central Bank, the education sector was the only category to see growth, increasing by 90.6 percent to reach SR444.7 million. This is the third consecutive week of growth for the sector.
The reason behind the rise in transactions in the sector is the beginning of the new academic session. Schools, colleges and universities are about to start their activities following summer vacations. This reportedly led to a surge in transactions in the sector.
Data from SAMA for this week showed that Saudis have spent SR244.8 million on jewelry, marking a fall of 5.3 percent, the smallest decrease this week.
Meanwhile, expenditures in cafes and restaurants fell by 7.3 percent to SR1.95 billion, the largest share of POS transactions for the week. Spending on construction and building materials also dropped by 7.3 percent, totaling SR334.2 million.
The food and beverage sector saw the second-largest share, with SR1.78 billion in spending, followed by miscellaneous goods and services at SR1.51 billion.
Together, the top three categories represented 40.14 percent of the week’s total POS value.
Significant declines were noted across various sectors, with telecommunications experiencing the most substantial drop of 23.3 percent, reducing total spending to SR106.8 million.
Regional spending patterns showed that Riyadh accounted for 33.04 percent of POS transactions, totaling SR4.32 billion, down 7.4 percent from the previous week.
Jeddah followed with 14.1 percent of the total at SR1.84 billion, an 8.3 percent decrease. Dammam’s spending reached SR630.3 million, down by 6.4 percent.
The largest regional decline occurred in Hail, where spending fell by 20.4 percent to SR201.3 million. Tabouk and Abha also reported notable decreases, with spending falling by 16.9 percent to SR240.6 million and 16.2 percent to SR236 million, respectively.
Despite the overall decline in POS spending, the continued growth in the education sector underscores resilience in specific areas of the economy. This positive trend highlights ongoing investment in key sectors and offers a hopeful outlook for future economic stability.