Saudi Arabia’s IPI climbs 16.8% in August – GaStat
- Date: 11-Oct-2022
- Source: Mubasher
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia’s IPI climbs 16.8% in August – GaStat
Riyadh – Mubasher: Saudi Arabia’s Industrial Production Index (IPI) soared by 16.8% year-on-year (YoY) in August 2022, the General Authority for Statistics’ (GaStat) latest data showed.
The IPI continued to show positive growth rates in August 2022 due to a 15.5% YoY surge in mining and quarrying, as the Kingdom boosted its oil production to its highest level by over 11 million barrels per day (bpd).
Furthermore, the growth rate was backed by a 22% YoY increase in manufacturing activity during August, in addition to an 11.3% YoY surge in electricity and gas supplies.
Month-on-month (MoM), the overall IPI widened last August by 2.9% when compared to a 17.7% hike in July 2022. The mining and quarrying also soared by 2.2% MoM in August.
In like manner, the manufacturing sector went up by 3.9% MoM in August 2022, whereas electricity and gas supplies rose by 10.6%.
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