SAUDI Arabia’s Industrial Production Index climbed 3.4 per cent year on year in November to reach 103.8, driven by an uptick in mining and quarrying activities, official data showed, reports Arab News.
According to data from the General Authority for Statistics, the mining and quarrying sub-index recorded a 1.2pc annual rise, underpinned by a modest increase in the kingdom’s oil output, which grew to 8.93 million barrels per day in November from 8.82 million bpd in the same month of the previous year.
Manufacturing activities also showed robust growth, expanding 7.2pc year on year, driven largely by a 17.6pc surge in the manufacture of coke and refined petroleum products. Additionally, the production of chemicals and chemical products rose 1.6pc, while food manufacturing increased by 1.5pc during the same period.
This comes as Saudi Arabia emphasises industrial production under Vision 2030, aiming to diversify its economy and reduce oil dependence by fostering growth in mining, manufacturing, and other non-oil sectors.
The report noted a mixed performance in other sectors. The sub-index for electricity, gas, steam, and air conditioning supply fell by 2.1pc year on year, while water supply, sewerage, waste management, and remediation activities surged 10.5pc.
The index for oil activities rose 3.8pc in November compared to the same month in 2023, reflecting the increased output in the kingdom’s mining sector. Meanwhile, non-oil activities grew 2.4pc, buoyed by gains across most non-oil economic activities, except for the electricity and utilities sector, which posted declines.
Despite the annual growth, the IPI fell 2.3pc in November compared to October 2024. Mining and quarrying activities declined 0.5pc month on month, while manufacturing contracted by 3.1pc over the same period.
The electricity, gas, steam, and air conditioning supply sub-index posted a steep 21.5pc monthly drop, and water supply, sewerage, waste management, and remediation activities decreased by 4.7pc.
Oil activities fell by 2.1pc month on month, while non-oil activities recorded a 2.7pc decline in November compared to October.
The mixed performance highlights the volatility in industrial activity, but the overall annual growth underscores progress in Saudi Arabia’s ongoing efforts to diversify its economy and reduce dependence on oil revenues.
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