Saudi 2020 consumer spending drops 1.4% to $273bn

Saudi 2020 consumer spending drops 1.4% to $273bn

RIYADH: Consumer spending in Saudi Arabia fell by 1.4 percent year-on-year to SR1.025 trillion ($273 billion), according to latest figures.

A report by Al-Eqtisadiah newspaper, based on data from the Saudi Central Bank (SAMA), revealed that average monthly consumer spending in the Kingdom last year was around SR85.4 billion, compared to an estimated SR86.6 billion in 2019.

Consumer spending during the fourth quarter (Q4) of 2020 reached a record level of SR277.6 billion, an annual increase of 3.1 percent, the paper's report said.

During the other quarters of last year, spending levels hit SR260.6 billion in Q1, SR211.52 billion in Q2 - the lowest quarterly figure since 2014 - and SR265.3 billion in Q3.

Last year's decline was the first since 2017, compared to a rise of 5.6 percent in 2018 and 6 percent in 2017, according to Al-Eqtisadiah.