Most Saudis believe economy is heading in right direction

New Ipsos survey reveals highest confidence levels in Saudi economic prospects for four years
Most Saudis believe economy is heading in right direction
According to the survey, unemployment remains the top concern for consumers in the kingdom.
By Sam Bridge
Fri 24 May 2019 12:26 AM

A large majority of consumers in Saudi Arabia (85 percent) believe that the country is heading in the right direction, the highest percentage in four years, according to a new survey.

Results of the April 2019 Primary Consumer Sentiment Index by Ipsos, also revealed that 58 percent view the current state of the economy as positive, with only 11 percent viewing it as weak.

Consumers are also more positive about the future, with 68 percent reporting being more confident about their personal financial situation in the next six months, and 79 percent expecting the Saudi economy to be stronger in the next six months, both percentages also representing some of the highest recorded levels in recent years, Ipsos said.

It added that while consumers’ views on the ability to make a major investment or purchase has gone down slightly compared to the previous month, the figures for the first four months of 2019 remain more positive than the average figures recorded in the previous two years.

According to the survey, unemployment remains the top concern for consumers in the kingdom (38 percent), followed by taxes (21 percent) and social inequality (20 percent).

The survey showed that 56 percent of consumers report knowing someone that has lost their job in the last six months, but despite that, 67 percent said they feel more confident about job security in the next six months.

The Primary Consumer Sentiment Index is a global index conducted monthly by Ipsos across 24 countries in collaboration with Thomson Reuters. It has been running monthly in Saudi Arabia since 2010.

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