Saudi industrial production expanded by an annual rate of 7.7 percent in October to reach its highest level since April 2020, data published by Gastat showed.
Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 percent. This is the largest level of production for the sector since November 2019.
Oil production rose from 8.9 million barrels per day in October last year to 9.7 million bpd in October 2021.
The mining and quarrying sector accounts for the highest share in the industrial production index, making up 74.5 percent of it.
In addition, non-oil manufacturing activities grew by a yearly rate of 4 percent in October to stand at its highest level since March 2020.
Gastat said that the sector rebounded from the adverse effects of the pandemic, which hampered international trade and the Kingdom’s exports.
The report added 90 factories started production in October, citing data from the Ministry of Industry and Mineral Resources. The sector has a weight of 22.6 percent in the index.
Meanwhile, production in electricity and gas expanded by 4.7 percent compared to a year earlier, yet it had minimal effect on the index due to its small 2.9 percent weight.
Looking at monthly data, it was revealed that industrial production rose by 1.7 percent in October, on higher mining and quarrying output. The latter widened by 1.3 percent as oil production experienced an uptick, moving from 9.6 million bpd in September to 9.7 million bpd in the following month.
Manufacturing activities also grew by a monthly 4 percent while electricity and gas supply narrowed by 4.3 percent.
