high oil prices boost saudi consumer spending
Last Updated : GMT 11:03:35
Arab Today, arab today
Arab Today, arab today

High oil prices boost Saudi consumer spending

Arab Today, arab today

Arab Today, arab today High oil prices boost Saudi consumer spending

Riyadh - Arabstoday

Strong oil prices have given a strong momentum to Saudi Arabia’s economy and this has boosted consumer spending in the Gulf kingdom to one of their highest levels, the country’s largest bank said on Tuesday. As a result, Saudi Arabia, the largest Arab economy has a very prosperous year ahead and it is off with a strong start, National Commercial Bank (NCB) said. It said that as an oil exporter, Saudi relies heavily on imported goods and this can lead to the assumption that Letters of Credit (LCs) are an indicator of future consumer spending. It cited figures by the Saudi Arabian Monetary Agency (Sama), central bank, showing settled LCs reached SR84.2 billion during April, rising by a staggering 22.9 per cent since the beginning of 2012. “Increasing confidence in the economy, particularly boosted by the elevated oil prices and production levels, has pushed businesses to import more products on the prospect that consumer spending will continue to rise,” it said in a study. The report showed that during last month, the highest growth figures were posted by fruits and vegetables and food grains which posted 294 and 126, and 64 per cent, respectively, on an annual basis. Additionally, building materials, motor vehicles, and machinery soared by 64, 38, and 30 per cent year/on/year. “The gain in business activity is expected to maintain an upwards trajectory as newly opened LCs, an indicator of future settlements, gained by 21.4 per cent during April. Saudi’s large expansionary plans will pave the way for additional growth in the private sector this year,” NCB said. “The Kingdom’s robust economy has demonstrated many opportunities for local and international investors and it will continue to do so as oil revenues are expected to remain elevated which will trickle down to the consumer and trigger further spending.” From/emirates247

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

high oil prices boost saudi consumer spending high oil prices boost saudi consumer spending

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

high oil prices boost saudi consumer spending high oil prices boost saudi consumer spending

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday