Saudi Arabia’s industrial production index fall 12.3% in October

Saudi Arabia’s industrial production index fell 12.3% in October 2023, compared to the same month a year earlier.

Although manufacturing activity and electricity and gas supply activity continued to rise, the impact of the decline in mining activity and quarrying directly contributed to the decline in the overall indicator.

The Saudi General Authority for Statistics said in a statement that the index of industrial production continued to slow its growth rates, which peaked at the beginning of 2022, supported by the growth rates of mining, quarrying, and manufacturing activities in that year.

“The relative importance of mining and quarrying activities was 74.5%, the manufacturing industry was 22.6%, and electricity and gas supply was 2.9%. Therefore, industrial production index trends in mining activity and quarrying dominate the overall trend in the industrial production index,” the Saudi General Authority for Statistics added.

The results of October 2023 indicate that production in mining activity and quarry exploitation fell by 18.4% compared to the same month in 2022, as Saudi Arabia reduced its oil production in October this year to 8.9 million barrels per day.