Saudi Arabia’s industrial production records third-highest surge since 2019
Date
7/13/2022 4:03:38 AM
(MENAFN) As shown by official data the Saudi Industrial Production Index rose 24 percent in May compared to the same month in 2021, mainly motivated by high output in the three subsectors — manufacturing, mining as well as quarrying, electricity in addition to gas supplies.
In line with a report from the General Authority for Statistics, this is the third-highest increase since 2019, a solid sign of the industrial sectors regains after the epidemic.
GASTAT mentioned in the report that “Growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by the effects of the worldwide pandemic. Since mid-2021, the IPI growth showed a positive trend, accelerating at the end of 2021 to now.”
This optimistic performance was mostly because of a 23.3 percent surge in mining as well as quarrying area, which contains oil outputs as well.
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