Saudi Arabia's consumer spending drops in February
M3, one of the broadest measures of money supply, shrank for the first time since at least 2000, when Bloomberg started tracking the data.
The Saudi economy is showing deepening signs of strain under the weight of cheap oil. Saudi consumers withdrew and spent less money in February, according to central bank data released on Monday.
M3, one of the broadest measures of money supply, shrank for the first time since at least 2000, when Bloomberg started tracking the data.
"The data reflects weaker consumer confidence," said Simon Kitchen, head of macro-strategy at Cairo-based investment bank EFG-Hermes. "Oil prices remain low, in spite of the February-March recovery, and disposable incomes have been under pressure this year. A recovery in consumer sentiment is unlikely in 2016."
Cash withdrawals through ATMs fell eight per cent after expanding for at least the previous five months, central bank data show. Point-of-sale transactions, an indicator of consumer confidence in the economy, dropped nine per cent from the year-earlier period to 15.2 billion riyals ($4.1 billion).
-
MENA
Saudi to work with Biden on way forward in Yemen
Saudi Arabia welcomed Biden’s "commitment to cooperate with the ... READ MORE
-
Coronavirus Pandemic
Bahrain imposes new restrictions to curb Covid...
The decisions were made to be implemented from February 7 to 27. READ MORE
-
MENA
Earthquake recorded in Oman Gulf
The quake occurred at 9:33 pm on Friday. READ MORE
-
Coronavirus Pandemic
Covid-19: Israel to ease lockdown as coronavirus...
A strict nationwide lockdown in force since December 27 has been... READ MORE
-
News
UAE is a world in a country: Sheikh Mohammed
The Dubai ruler took to Twitter to share the results of the Global... READ MORE
-
News
UAE: 4 injured in car-truck collision in Sharjah
They were taken to Khorfakkan hospital for further treatment. READ MORE
-
News
Dubai bus crash: 7-year jail term for Omani...
The court ordered the driver to pay Dh3.4 million as blood money and... READ MORE
-
Coronavirus Pandemic
UAE Covid vaccine: 84,573 residents vaccinated in ...
Vaccines being administered in UAE are effective and already yielding ... READ MORE








Nation (videos)
Watch: How Simulation Training can prepare pilots for real-life scenarios