Saudi Arabia's industrial production rises by 16.8pc

RIYADH, Oct 10 (Arab News): Saudi Arabia's Industrial Production Index increased by 16.8 per cent in August compared to the same period a year ago, according to the latest General Authority for Statistics report.
The growth in IPI was primarily driven by high production in the three subsectors - mining and quarrying, manufacturing, and electricity and gas supplies, official data showed.
The growth of the IPI turned positive in May 2021, and it has been growing continuously since then. This comes after negative trends witnessed during 2019 and 2020 due to the impacts of the pandemic.
IPI is an economic indicator that reflects the relative changes in the volume of industrial output, according to GASTAT.
According to the report, mining and quarrying grew by 15.5 per cent in August from a year ago as the Kingdom increased its oil production to its highest level by more than 11 million barrels per day in August 2022.
When compared with July 2022, mining and quarrying witnessed a month-on-month growth of 2.2 per cent in IPI activity, showed the data.
The report further noted that the manufacturing activity increased by 22 per cent compared to the same month of the previous year, while electricity and gas supplies increased by 11.3 per cent.