Spending by Travelers and Visitors to Saudi Arabia Increases to $9.8 Billion in Q1 2023: Saudi Central Bank Report

Saudi Arabia Sees Increase in Traveler Spending in Q1 2023

Saudi Arabia announced that spending by travelers and visitors to the Kingdom increased to $9.8 billion in the first quarter of 2023, while spending by travelers outside the Kingdom was $3.7 billion.

Surge in Traveler and Visitor Spending

Spending by travelers and visitors arriving in the Kingdom increased by 224.6% in the first quarter of this year, equivalent to 37 billion riyals, compared to the same period last year, as the Saudi Central Bank released the data in a report with the note “Balance Payment Data”.

Continued Growth in Spending

The report also says that spending by travelers outside the Kingdom, estimated at around $3.7 billion, also rose 7.9% compared to the first quarter of 2022.

Saudi Arabia’s Central Bank report found that Saudi spending on overseas travel rose 310% in the fourth quarter of 2022 compared to the same period in 2021, after reaching $7.16 billion.

Increased Assets for Saudi Central Bank

The bank’s monthly report indicated that Sama’s assets increased by 7.5 billion rials in May last year, compared to 1.864 trillion rials in the same month of 2022.

It should be noted that the data of the Central Bank of Saudi Arabia “SAMA” showed an increase in the bank’s assets in May last year to 1.872 trillion rials, which is 49.5 billion rials monthly more, or 2.7%, compared to April last year.

Source

Source: electronic newspaper “Sabk”.

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