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Saudi Arabia's Industrial Production Index up 6.8 percent YoY in January
(MENAFN) The General Authority for Statistics has released its latest report on Saudi Arabia's Industrial Production Index (IPI), revealing a 6.8 percent YoY increase in January 2023. This was largely driven by high production in mining and quarrying, as well as manufacturing activities. The IPI serves as an economic indicator that reflects the relative changes in the volume of industrial output in the Kingdom, calculated based on the industrial production survey.
The report highlights that mining and quarrying grew by 3 percent in January, compared to the same month in the previous year, due to a surge in mining and quarrying activities as Saudi Arabia increased its oil production to more than 10 million barrels per day. Additionally, manufacturing activities in the Kingdom saw a significant increase of 19.2 percent YoY in January 2023, while electricity and gas supplies decreased by 3.4 percent.
The report further notes that the relative weights of the mining and quarrying, manufacturing, and electricity and gas supply sectors in the IPI are 74.5 percent, 22.6 percent, and 2.9 percent, respectively. These sectors play an essential role in shaping Saudi Arabia's economy and are critical drivers of growth and development. The rise in industrial production is a positive sign for the Kingdom's economic prospects, and it is expected to support economic diversification efforts and strengthen its position as a key player in the global economy.
The report highlights that mining and quarrying grew by 3 percent in January, compared to the same month in the previous year, due to a surge in mining and quarrying activities as Saudi Arabia increased its oil production to more than 10 million barrels per day. Additionally, manufacturing activities in the Kingdom saw a significant increase of 19.2 percent YoY in January 2023, while electricity and gas supplies decreased by 3.4 percent.
The report further notes that the relative weights of the mining and quarrying, manufacturing, and electricity and gas supply sectors in the IPI are 74.5 percent, 22.6 percent, and 2.9 percent, respectively. These sectors play an essential role in shaping Saudi Arabia's economy and are critical drivers of growth and development. The rise in industrial production is a positive sign for the Kingdom's economic prospects, and it is expected to support economic diversification efforts and strengthen its position as a key player in the global economy.
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