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Riyadh, Saudi Arabia – The vibrant energy of students returning to classrooms after the mid-year break has clearly reverberated through the Kingdom’s economy! Latest figures from the Saudi Central Bank (SAMA) reveal a significant surge in education-related spending, perfectly aligning with the back-to-school period.
For the week ending January 24th, education spending in Saudi Arabia witnessed an astounding 141.1 percent increase. This dramatic rise underscores the financial commitment families make as they gear up for the new academic term, from tuition fees to extracurricular activities and beyond.
Complementing this robust growth, spending on essential school supplies like books and stationery also saw a healthy uptick. This category experienced a 7 percent increase, reaching a substantial SR146.17 million ($38.9 million) as students stocked up on their academic necessities.
Interestingly, while the education sector boomed, the broader Point of Sale (POS) market experienced a slight contraction. The overall POS value dropped by 10.6 percent to SR12.52 billion, with transactions also seeing a 9.7 percent week-on-week decrease to 213.62 million. This suggests that the surge in education spending was a distinct, concentrated event amidst broader market fluctuations.
These insights from SAMA highlight the significant economic ripple effect of the academic calendar and the substantial investment families in Saudi Arabia make in their children’s education. It’s clear that the return to learning is not just about textbooks and lessons; it’s a powerful driver for key economic sectors!
Source: Original Article
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