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Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020

Image : Arab News

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RIYADH: Saudi industrial production expanded by an annual rate of 7.7 per cent in October to reach its highest level since April 2020, Arab News quoted data published by Gastat, as showing.

Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 per cent. This is the largest level of production for the sector since November 2019.

Oil production rose from 8.9 million barrels/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 per cent of it.

In addition, non-oil manufacturing activities grew by a yearly rate of 4 per cent in October to stand at its highest level since March 2020.

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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 per cent in the index.

Meanwhile, production in electricity and gas expanded by 4.7 per cent compared to a year earlier, yet it had minimal effect on the index due to its small 2.9 per cent weight.

Looking at monthly data, it was revealed that industrial production rose by 1.7 per cent in October, on higher mining and quarrying output. The latter widened by 1.3 per cent, 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 per cent while electricity and gas supply narrowed by 4.3 per cent.

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