TE24 Business Desk:
RIYADH – The Saudi Arabia industrial production index rose 24% from the same period last year, primarily due to higher production in three sub-sectors: manufacturing, mining, quarrying, electricity and gas. This is the third highest increase in the last three years, a strong indication of the recovery of the industrial sector from the epidemic, according to a report by the Bureau of Statistics.
“After long-term negative growth rates in 2019 and 2020, IPI growth turned positive in May 2021, partly due to the impact of the epidemic. Since then, IPI growth has shown a positive trend, accelerating from the end of 2021 to the present, ”GASTAT said in a report.
This positive growth is mainly due to the 23.3 percent growth in the mining and quarrying sector, including oil production. There was manufacturing activity in May, up 28.8% year on year, while electricity and gas shipments grew 3%. Compared to April 2022, the IPI has increased by 1.2% overall.
The report further states that the monthly growth rate of mining and quarrying industry has increased by 0.9% and manufacturing industry by 0.2%. Electricity and gas supplies in May increased by 24.9% over the previous month.
