Saudi industrial production index up 6% in February
RIYADH, April 11, 2023
Saudi Arabia's Industrial Production Index (IPI) increased by 6% in February 2023, compared to the same month in 2022, according to the General Authority for Statistics data.
The IPI continued to show positive growth due to the increased production in mining & quarrying, manufacturing activity and electricity & gas supplies.
Relative weights of the mining and quarrying, manufacturing and electricity and gas supply sectors in the IPI are 74.5%, 22.6% and 2.9%, respectively. Thus, the trend of the industrial production index in the mining and quarrying sector dominates the trend in the general IPI.
In February 2023, mining and quarrying grew by 2.2% compared to February 2022 as Saudi Arabia increased its oil production to more than 10 million barrels per day in February 2023.
Manufacturing activity increased by 16.8% compared to the same month of the previous year. Electricity and gas supplies increased by 12.9%.
Compared to January 2023, overall IPI increased by 0.1%, mining & quarrying and manufacturing sector stabilised at the level of the previous month. Electricity & gas supplies increased by 6.0%. -TradeArabia News Service
