RIYADH: Saudi Arabia’s consumer spending stayed above $3.5 billion for a third straight week as education outlays surged ahead of the new academic year, official data showed.
The Kingdom’s point-of-sale transactions totaled SR14.19 billion ($3.79 billion) in the week ended Aug. 15, according to data from the Saudi Central Bank, also known as SAMA.
The figure was down 2.8 percent from the previous week, while the number of transactions fell 1.5 percent to 249.68 million.
The weekly decline in overall POS spending came despite a sharp increase in education-related transactions, which rose 62.7 percent week on week to SR446.08 million.
Economist Talat Hafiz told Arab News the surge “is likely driven by seasonal demand associated with the start of the new academic year, including tuition fees, school supplies, uniforms, and other education-related expenses.”
