Saudi Arabia’s real GDP, IPI rise in October – GaStat

Saudi Arabia’s real GDP, IPI rise in October – GaStat

Riyadh – Mubasher: The real gross domestic product (GDP) of Saudi Arabia went up by 8.80% year-on-year (YoY) during the third quarter (Q3) of 2022, higher than 2.10% in Q2-23, according to the General Authority for Statistics (GaStat) estimates.

The higher GDP is mainly due to a 14.20% YoY hike in oil activities during Q3-22. Furthermore, Non-oil activities jumped by 6% YoY in the July-September 2022 period, while government activities grew by 2.50% YoY.

Industrial production increases in October 2022

The Saudi Industrial Production Index (IPI) soared by 14.10% YoY in October 2022, backed by a 12% YoY growth in mining and quarrying, as the Kingdom increased its oil production to more than 10 million barrels per day (bpd) last October, GaStat said in a report

Moreover, a 23.20% YoY leap in manufacturing activity was registered during October, coupled with a 1.80% YoY drop in electricity and gas supplies.

Month-on-month (MoM), the overall IPI levelled up by 0.3% last October, backed by a 5% increase in the manufacturing sector.

On the other hand, mining and quarrying decreased by 0.70% MoM during October, while electricity and gas supplies plummeted by 11% MoM.