RIYADH: According to government data, mining and quarrying activity increased in November, causing Saudi Arabia’s Industrial Production Index to rise 3.4 percent year over year to 103.8.
The mining and quarrying sub-index increased by 1.2 percent annually, according to data from the General Authority for Statistics. This increase was supported by a slight increase in the Kingdom’s oil production, from 8.82 million barrels per day in November to 8.93 million in November of last year.
A 17.6 percent increase in the production of coke and refined petroleum products was the main driver of the manufacturing sector’s strong growth, which increased by 7.2 percent annually. Additionally, whereas food manufacturing climbed by 1.6%, the production of chemicals and chemical products increased by 1.5 percent during the same period.
This occurs as Saudi Arabia strongly emphasises industrial output as part of Vision 2030, which aims to diversify the country’s economy and lessen its reliance on oil by encouraging growth in non-oil industries like manufacturing and mining.
Other industries had mixed performances, according to the survey. While water supply, sewerage, waste management, and remediation operations increased 10.5 percent year over year, the sub-index for electricity, gas, steam, and air conditioning supply decreased 2.1 percent.
Because of the increased output in the Kingdom’s mining industry, the index for oil activities grew by 3.8 percent in November compared to the same month in 2023. While most non-oil economic activities saw advances, the energy and utilities sector saw reductions, but overall, non-oil activity gained 2.4%.
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