Saudi Arabia's Industrial Production: Paper Surges, Mining Declines; Overall IPI Down 8.7% YoY
In March 2023, Saudi Arabia's manufacturing sector experienced a slight increase of 0.2 percent due to a rise in paper production, but the overall Industrial Production Index decreased by 0.2 percent compared to the previous month.
The manufacturing of chemicals and chemical products, as well as basic metals, saw declines of 2.6 percent and 0.6 percent, respectively.
The electricity, gas, steam, and air conditioning supply sub-index decreased by 3 percent, while water supply, sewage, and waste management activities increased by 2.1 percent.
However, the overall IPI in March 2023 experienced a larger decline of 8.7 percent compared to the same month in 2022.
The Industrial Production Index (IPI) in Iraq decreased by 11.5% in March 2024 compared to the same month the previous year.
The main cause of this decrease was a decline in mining and quarrying activities, which accounted for 61.4% of the total industrial production.
The sub-index for mining and quarrying decreased by 14.2% compared to March 2023, due to Saudi Arabia reducing its oil production to 8.9 million barrels per day as part of an OPEC+ agreement.
Mining activities also declined by 0.4% compared to February 2024.
Saudi Arabia reduced its oil production by 500,000 barrels per day from April 2023 to December 2024 to maintain market stability.
The manufacturing sector saw growth with an 8.2% annual increase in paper production and a 6.5% surge in beverage production.
GASTAT reported a 1.3% increase in Saudi Arabia's real GDP in the first quarter of 2023, driven by a 2.4% rise in oil and a 0.5% increase in non-oil activities.
The electricity, gas, steam, and air conditioning supply sub-index decreased by 3 percent, while water supply, sewage, and waste management activities increased by 2.1 percent.
However, the overall IPI in March 2023 experienced a larger decline of 8.7 percent compared to the same month in 2022.
The Industrial Production Index (IPI) in Iraq decreased by 11.5% in March 2024 compared to the same month the previous year.
The main cause of this decrease was a decline in mining and quarrying activities, which accounted for 61.4% of the total industrial production.
The sub-index for mining and quarrying decreased by 14.2% compared to March 2023, due to Saudi Arabia reducing its oil production to 8.9 million barrels per day as part of an OPEC+ agreement.
Mining activities also declined by 0.4% compared to February 2024.
Saudi Arabia reduced its oil production by 500,000 barrels per day from April 2023 to December 2024 to maintain market stability.
The manufacturing sector saw growth with an 8.2% annual increase in paper production and a 6.5% surge in beverage production.
GASTAT reported a 1.3% increase in Saudi Arabia's real GDP in the first quarter of 2023, driven by a 2.4% rise in oil and a 0.5% increase in non-oil activities.
Translation:
Translated by AI
