Tuesday, May 21, 2024
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GASTAT Reports a 1% Increase in Saudi Arabia’s industrial Productivity Index

RIYADH: Thanks to increased manufacturing activity, Saudi Arabia’s Industrial Production Index increased by 1% in February over January.

In the second month of the year, the Kingdom’s sub-index of production showed a 1.2 percent month-over-month gain, according to the General Authority for Statistics. Coke and refined petroleum manufacturing climbed by 0.4 percent, contributing to the growth in industrial activities. In February, the sub-index representing quarrying and mining activity showed a slight increase of 0.6 percent month-over-month.

According to GASTAT, Saudi Arabia’s reduction in oil output to 9 million barrels per day in February 2023 resulted in a 13.8 percent decline in the sub-index for mining and quarrying activity. The trend of industrial production in the mining and quarrying sector dominates the trend in the general IPI, given the relative weights of the mining and quarrying activity, which reached 61.4 percent,” the report’s authority stated.

The Kingdom’s decision to reduce oil output in accordance with an agreement by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, caused the reduction in mining and quarrying activity.

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