Industrial Production in Saudi Arabia Drops by 9.5%
Industrial Production in Saudi Arabia Drops by 9.5% Due to Decline in Mining Activity, Saudi Arabia witnessed a sharp decline in its industrial production during the month of July, with the standard index for industrial production quantities falling by 9.5% compared to the same period in the previous year. According to data released by the General Authority for Statistics, this significant decrease can be attributed to a decrease in mining and quarrying activity, which accounts for approximately 75% of the index’s weight, declining by 16.7% during the past month compared to the same period in the previous year.
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This decrease in Saudi Arabia’s production comes after the kingdom decided to reduce its oil production in July. As part of its efforts to stabilize oil markets,
Saudi Arabia has extended its voluntary additional oil production cut of one million barrels per day until the end of September, with the possibility of extending this measure further.
The kingdom had earlier decided to cut its oil production by one million barrels per day for a month starting in July.
On the other hand, the manufacturing sector continued to grow, with an increase of 8.7%, indicating the sustained growth of this sector. Additionally, the activity in the electricity and gas supplies sector also contributed to economic growth, with a 21% increase in July on a year-on-year basis.
Industrial Production in Saudi Arabia Drops by 9.5%