RIYADH: According to official figures, Saudi Arabia’s industrial production increased 8.9% in February compared to the same month last year, primarily due to increased mining and manufacturing activities. According to figures from the General Authority for Statistics, the Industrial Production Index was 114.6 in February, up from 105.3 a year earlier and essentially steady from January.
The sub-index for mining and quarrying saw an annual growth of 13%. Despite ongoing geopolitical and global economic uncertainty, the performance shows that the Kingdom’s industrial sector is still growing thanks to increased oil production and ongoing expansion in non-oil industries under Vision 2030.
According to GASTAT’s most recent report, “the sub-index of manufacturing activity increased by 3.6 percent compared to February of the previous year, supported by an increase in the manufacture of chemicals and chemical products, which increased by 4.5 percent, and the manufacture of coke and refined petroleum products, which increased by 5.2 percent.” According to the data, Saudi Arabia’s oil production rose from 8.9 million barrels per day in February of last year to 10.1 million barrels per day in February.
The manufacturing sub-index saw a 0.2 percent month-over-month loss, which was caused by a 0.8 percent decline in the production of coke and refined petroleum products, as well as a 1.4 percent decline in the activity of chemicals and chemical products. There was a 0.1 percent increase in the mining and quarrying activity sub-index.
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