The industrial production index in the Kingdom jumped by 6% in February 2023 compared to the same month in 2022, as the index continued to achieve positive growth trends as a result of the increase in production in the mining and quarrying activity, the manufacturing activities, and the electricity and gas supply activities, according to What was revealed by the General Authority for Statistics data on industrial production for the month of February 2023.
According to the data, the industrial production index achieved successive positive growth rates during the year 2022, which peaked in April 2022, then the rates began to gradually decline starting from May 2022, bringing the annual growth rate in the industrial production index in February of 2023. to 6%.
The mining and quarrying activity led the industrial production during the month of February 2023, as the relative importance of the mining and quarrying activities, the manufacturing industry, and electricity and gas supplies reached 74.5%, 22.6%, and 2.9%, respectively. Mining and quarrying dominate the general trend in the industrial production index.
Looking at the results of February 2023, it is clear that production in mining and quarrying activity increased by 2.2% compared to the same month of 2022, as Saudi Arabia’s oil production in February of this year amounted to more than 10 million barrels per day.
On the other hand, the activity of the manufacturing industry continued to increase, increasing by 16.8%, and the electricity and gas supply activity increased by 12.9%, compared to February 2022.
The results indicate an increase in the general index of industrial production by 1% compared to January 2023, and when looking at the level of sub-activities, it is noted that the performance of each of the mining and quarrying activity and the manufacturing activity has stabilized at a level similar to what they were during January, while the electricity supply activity recorded gas, up 6%.
Taher Al-Husari (Jeddah) @taher_ibrahim0