Saudi Arabia: Saudi Arabia’s Industrial Production Index rose 8.6 percent year-on-year in November 2022, primarily driven by high production in mining and quarrying, and manufacturing activities, according to the latest report from the General Authority for Statistics.

The report noted that mining and quarrying grew by 5.7 percent in November 2022, compared to the same period in 2021, as the Kingdom increased the oil production to more than 10 million barrels in the month.

According to the report, manufacturing activities in the Kingdom increased by 19.7 percent year-on-year in November, while electricity and gas supplies decreased by 10.9 percent.

“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. Thus, the trend of the industrial production index in the mining and quarrying sector dominates the trend in the general IPI,” said GASTAT in the report.

Saudi Arabia’s IPI turned positive in May 2021 and has been growing continuously since then. This turnaround comes after negative trends witnessed during 2019 and 2020 due to the impacts of the pandemic.

According to GASTAT, IPI is an economic indicator that reflects the relative changes in the volume of industrial output.