Saudi Industrial Growth Driven by Mining, Manufacturing: GASTAT
Mining and manufacturing sectors propel Saudi Arabia's industrial growth to 9.3% in September, as per official data.
Riyadh: The General Authority for Statistics (GASTAT) of Saudi Arabia has reported a 9.3 percent increase in the Industrial Production Index (IPI) for September compared to the same month last year, marking robust growth within the country's industrial sector.
The IPI rose to 116.1 in September, up from 113.9 in August, showcasing progress under Saudi Vision 2030 aimed at economic diversification and reducing dependency on oil revenues.
The IPI measures changes in industrial output according to the International Standard Industrial Classification framework, encompassing mining, manufacturing, utilities, and waste management sectors.
GASTAT highlighted that the growth was mainly supported by increases in mining and quarrying activity, manufacturing, electricity, gas, steam, and air conditioning supply, as well as water supply, sewerage, and waste management.
Mining and quarrying grew by 11 percent annually, bolstered by Saudi Arabia's decision to raise oil production to 9.97 million barrels per day from 8.97 million bpd in the previous year.
Manufacturing activity saw a 6.3 percent increase driven primarily by the production of coke and refined petroleum products (up 6 percent) and chemicals and related products (up 9.2 percent).
On a monthly basis, mining and quarrying activities increased by 2.5 percent while manufacturing edged up 1 percent due to a 1.6 percent rise in coke and refined petroleum production and a 6.9 percent jump in food manufacturing.
Electricity, gas, steam, and air conditioning supply expanded 12.6 percent year on year, and water supply, sewerage, waste management, and remediation activities increased 9.2 percent over the same period.
Overall, oil activities grew by 10.1 percent in September from a year earlier, whereas non-oil activities rose by 7.3 percent.
In comparison to August, oil activities saw an increase of 2.3 percent while non-oil operations rose by 0.8 percent.
The IPI rose to 116.1 in September, up from 113.9 in August, showcasing progress under Saudi Vision 2030 aimed at economic diversification and reducing dependency on oil revenues.
The IPI measures changes in industrial output according to the International Standard Industrial Classification framework, encompassing mining, manufacturing, utilities, and waste management sectors.
GASTAT highlighted that the growth was mainly supported by increases in mining and quarrying activity, manufacturing, electricity, gas, steam, and air conditioning supply, as well as water supply, sewerage, and waste management.
Mining and quarrying grew by 11 percent annually, bolstered by Saudi Arabia's decision to raise oil production to 9.97 million barrels per day from 8.97 million bpd in the previous year.
Manufacturing activity saw a 6.3 percent increase driven primarily by the production of coke and refined petroleum products (up 6 percent) and chemicals and related products (up 9.2 percent).
On a monthly basis, mining and quarrying activities increased by 2.5 percent while manufacturing edged up 1 percent due to a 1.6 percent rise in coke and refined petroleum production and a 6.9 percent jump in food manufacturing.
Electricity, gas, steam, and air conditioning supply expanded 12.6 percent year on year, and water supply, sewerage, waste management, and remediation activities increased 9.2 percent over the same period.
Overall, oil activities grew by 10.1 percent in September from a year earlier, whereas non-oil activities rose by 7.3 percent.
In comparison to August, oil activities saw an increase of 2.3 percent while non-oil operations rose by 0.8 percent.
