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12-09-22
GASTAT: Saudi Arabia's industrial output rises 17.7 percent in July
(MENAFN) Saudi Arabia’s Industrial Production Index surged by 17.7 percent in July in comparison with the same month in 2021.
The expansion was mainly motivated due to increased output in the three subareas — mining and quarrying, manufacturing, as well as electricity and gas provision, as shown by official data.
In line with a report from the General Authority for Statistics, mining and quarrying surged by 14.1 percent in the stated month in comparison with July 2021 as Saudi Arabia raised its oil output to its peak rate by over 10 million barrels a day in July this year.
The manufacturing activity rose by 32.6 percent against the same month of the prior year, while the electricity and gas provisions jumped 5 percent, the report also showed.
IPI is a financial indicator that reveals the relative alterations in the capacity of industrial production, in line with GASTAT.
Even though IPI is still indicating optimistic trends, its expansion has decorated down for the third consecutive month from a 26.7 annual expansion in April.
MENAFN12092022000045014228ID1104847164
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