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FINANCIAL NEWS
Saudi Arabia’s consumer spending ‘growth slowing’
26 Jan 2016
(MENAFN) Growth in Saudi Arabia’s consumer spending is falling as low oil prices hit household’s income and geopolitical pressures make shoppers more cautious.
Moreover, the slide in oil price from over USD 100 a barrel in mid-2014 to just over USD 30 forced the Kingdom to cut budgets that have eaten into the income of many Saudis.
Additionally, Saudi economy may continue to lose early this year, while the government started to cut state spending in the second half of 2015.
The plunge in oil prices made its finances deep into shortage, but for most of the period consumers continued to spend freely.
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