A recently released note by Riyadh-based Jadwa Investment predicts strong growth in consumer spending on the back of recent spending announced in Royal Decrees.
Jadwa:
“December data showed healthy growth in both cash withdrawals from ATMs and point of sale transaction. Consumption growth in 2015 is likely to be strong following the recent Royal decrees. Cement sales reached an all time high in December, while sales for 2014 grew by 0.8 percent year-on-year,” the bank said.
“The overall Saudi unemployment rate was unchanged at 11.7 in 2014. Annual growth in Saudi employment stood at 4.4 percent, mostly associated with employment growth by private rather than public entities.”
[Click here to read the full Jadwa Investment report as a .PDF]
