RIYADH: A gain in industrial activity propelled Saudi Arabia’s Industrial Production Index to a 1% increase in February over January. According to the General Authority for Statistics, the Kingdom’s sub-index of manufacturing activity showed a 1.2 percent month-over-month gain in the second month of the year.
Production of Coke and refined petroleum products increased by 0.4 percent, helping to underpin industrial activity growth. In February, the mining and quarrying activities sub-index experienced a minor month-over-month increase of 0.6 percent.
Similarly, supplies of gas, steam, electricity, and air conditioning rose by 7.6% during that time frame compared to January. The data also showed that in February, there was a 2.1 percent month-over-month increase in the sub-indices for waste management, water supply, sewerage, and remediation operations. IPI is an economic indicator that, according to GASTAT, is based on the production survey and shows relative changes in the volume of industrial output.
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.
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