RIYADH: The Saudi Industrial Production Index increased 24 percent in May compared to the same period last year, primarily driven by high production in the three subsectors — manufacturing, mining and quarrying, and electricity and gas supplies, official data showed.
According to a report from the General Authority for Statistics, this is the third-highest rise in the last three years, a strong indication of the industrial sector’s rebound after the pandemic.
“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,” GASTAT said in the report.
This positive performance was mainly due to a 23.3 percent rise in mining and quarrying sector, which includes oil production as well.
Manufacturing activity was up 28.8 percent in May compared to the same period in the previous year, while electricity and gas supplies increased by 3 percent.
Compared to April 2022, the overall IPI increased by 1.2 percent.
The report further noted that mining and quarrying showed a month-on-month growth rate of 0.9 percent, while the manufacturing sector witnessed a growth of 0.2 percent.
The electricity and gas supplies surged 24.9 percent in May, compared to the previous month.
