Sila Consumer Sentiment Index – Saudi Arabia: November, 2021

13th December 2021
Home 9 Consumer Sentiment Index 9 Sila Consumer Sentiment Index – Saudi Arabia: November, 2021

The GCC’s largest economy has seen the consumer sentiment index rise to a net positivity of 50.2% in November. Since a decline from August’s 51.7% to 47.5% in September, confidence has been recovering steadily, after registering at 49.6% in October. While this has largely been propelled by growth in general economic confidence, it must be noted that the KSA is one of the GCC’s more sluggish economies in terms of consumer sentiment, with the index still well below the pre-pandemic summit of 69.9%.

SAUDI ARABIA – BUSINESS

Private business confidence has experienced a relatively flat gain, from 30.1% in October to 30.8% in November, which effectively translates to a net negative trend (from the pre-pandemic, series peak of 50.5% in January 2020). This is caused by significant supply-side constraints, in addition to the fact that most of the commerce has not been meaningfully influenced by local businesses. Rather, it is mostly stimulated by international and governmental business activity, which marks a notable point of departure for the Saudi economy from the rest of the GCC. Foreign enterprises in the KSA market enjoy a robust advantage over the local economy and private sector, where performance lags in comparison to the achievements lauded by the country’s economic headlines.