Saudi Industrial Output Expands 1.5% Year-On-Year in May: GASTAT
Mining and manufacturing activities drive growth in Saudi Arabia's industrial production.
Riyadh, Saudi Arabia - Saudi Arabia's industrial output expanded by 1.5 percent year-on-year in May, driven by growth in mining, quarrying, and manufacturing activities, according to official data released by the General Authority for Statistics (GASTAT).
The Industrial Production Index reached 108.8 in May, rising 2.5 percent from April, highlighting continued growth in the manufacturing sector.
This development underscores Saudi Arabia's efforts towards economic diversification and reducing its reliance on crude revenues.
The increase in industrial production was supported by a rise in mining and quarrying activity, as well as water supply, sewerage, and waste management activities.
Furthermore, the index of oil activities saw an annual growth of 0.5 percent in May, while non-oil activities increased by 3.8 percent.
In a separate report, GASTAT revealed that Saudi Arabia's gross domestic product grew by 2.7 percent year-on-year in the first quarter, driven by strong non-oil activity.
The sub-index of manufacturing activities rose by 0.9 percent year-on-year in May, with growth primarily driven by increases in the manufacture of chemicals and food products.
Additionally, the sub-index of mining and quarrying activity increased by 2.1 percent compared to the same month last year.
Saudi Arabia's oil production also saw an increase, rising to 9.18 million barrels per day in May compared to 8.99 million barrels per day in May 2024.
The report noted that electricity, gas, steam, and air conditioning supply activity recorded a decrease of 7.7 percent annually in May, while water supply, sewerage, and waste management operations rose by 15.5 percent during the same period.
On a monthly basis, manufacturing activity increased by 2.3 percent, supported by growth in the production of coke and refined petroleum products.
Mining and quarrying activities also saw an increase of 2 percent compared to April.
Overall, oil activities rose by 2 percent in May compared to the previous month, while non-oil activities increased by 3.9 percent.
The Industrial Production Index reached 108.8 in May, rising 2.5 percent from April, highlighting continued growth in the manufacturing sector.
This development underscores Saudi Arabia's efforts towards economic diversification and reducing its reliance on crude revenues.
The increase in industrial production was supported by a rise in mining and quarrying activity, as well as water supply, sewerage, and waste management activities.
Furthermore, the index of oil activities saw an annual growth of 0.5 percent in May, while non-oil activities increased by 3.8 percent.
In a separate report, GASTAT revealed that Saudi Arabia's gross domestic product grew by 2.7 percent year-on-year in the first quarter, driven by strong non-oil activity.
The sub-index of manufacturing activities rose by 0.9 percent year-on-year in May, with growth primarily driven by increases in the manufacture of chemicals and food products.
Additionally, the sub-index of mining and quarrying activity increased by 2.1 percent compared to the same month last year.
Saudi Arabia's oil production also saw an increase, rising to 9.18 million barrels per day in May compared to 8.99 million barrels per day in May 2024.
The report noted that electricity, gas, steam, and air conditioning supply activity recorded a decrease of 7.7 percent annually in May, while water supply, sewerage, and waste management operations rose by 15.5 percent during the same period.
On a monthly basis, manufacturing activity increased by 2.3 percent, supported by growth in the production of coke and refined petroleum products.
Mining and quarrying activities also saw an increase of 2 percent compared to April.
Overall, oil activities rose by 2 percent in May compared to the previous month, while non-oil activities increased by 3.9 percent.
