Riyadh – Mubasher: Saudi Arabia’s total savings grew by 28.1% year-on-year, or SAR 219.3 billion ($58.48 billion), during the full-year 2018.
The kingdom’s savings totalled SAR 999.92 billion ($266.65 billion) last year, compared to SAR 780.62 billion ($208.17 billion) in 2017, according to data released by the Saudi General Authority for Statistics (GASTAT).
As for the fourth quarter of 2018, Saudi Arabia’s savings surged by 41.6%, or SAR 70.85 billion ($18.89 billion), to SAR 241 billion ($64.27 billion) from SAR 170.15 billion ($45.37 billion) in the year-ago period.
Consumer spending
Consumer spending in the kingdom also rose by 6.1% year-on-year, or SAR 103.7 billion ($27.65 billion), recording SAR 1.8 trillion ($479.55 billion) in 2018, compared to SAR 1.69 trillion ($451.9 billion).
In Q4-18, the GCC nation’s consumer spending fell by 0.7% or SAR 3.16 billion ($842 million) to SAR 478.05 billion ($127.48 billion) from SAR 481.21 billion ($128.32 billion) in the corresponding period a year earlier.
GDP
The oil-rich nation’s gross domestic product (GDP) at current prices soared by 12.8%, or SAR 330.15 billion ($88.04 billion), year-on-year to SAR 2.904 trillion ($774.59 billion) in 2018 from SAR 2.574 trillion ($686.55 billion).
Meanwhile, the GCC country’s GDP at constant prices grew by 2.21%, or SAR 56.89 billion ($15.17 billion), to SAR 2.625 trillion ($700.12 billion) last year, compared to SAR 2.568 trillion ($684.95 billion) in 2017.
Saudi savings in 9M
During the first nine months of 2018, the kingdom’s saving surged by 24.3%, or SAR 148.45 billion ($39.59 billion), to SAR 758.92 billion ($202.38 billion) from SAR 610.47 billion ($162.79 billion) in the year-ago period.
