RIYADH: The education sector led the fall in Saudi Arabia’s point-of-sale transactions in the first week of September, which fell by 4.9 percent from the previous week to reach SR13.3 billion ($3.5 billion).
According to the most recent data from the Saudi Central Bank, or SAMA, SR350 million worth of transactions were made overall, with the education sector experiencing the largest decline at 43.6 percent. This week is the third in a row that spending in the education sector has decreased, following a four-week surge that began on August 18 and ended on the same day.
At SR293.4 million, spending on culture and recreation saw the third-largest decline, down 12.2 percent. The least money was spent during this time on miscellaneous goods and services, which came to SR1.57 billion (a decrease of 0.7%).
Saudi consumers spent SR1.92 billion at cafes and restaurants and SR209.8 million on electronics and electric gadgets. With respective declines of 0.8 percent and 1.3 percent, these two sectors saw the second and third-smallest drops.
Looking at the biggest value of transactions this week, the food and beverages sector saw the biggest share of the POS at SR2.10 billion, followed by restaurants and cafes and miscellaneous goods and services. Spending in the top three categories accounted for 41.98 percent or SR5.6 billion of this week’s total value.
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