Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year.
The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT).
The IPI is an economic indicator that reflects the relative changes of the volume of industrial output.
GASTAT said the growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by the effects of the worldwide pandemic.
Since mid-2021, the IPI growth showed a positive trend, accelerating at the end of 2021 to now.
Mining, quarrying and electricity and gas supply contributed 74.5 percent, 22.6 percent and 2.9 percent, respectively towards.
In May 2022 mining and quarrying grew by 23.3 percent compared to May 2021 as Saudi Arabia increased its oil production to its highest level by more than 10 million barrels per day in May 2022.
The manufacturing activity also increased by 28.8 percent compared to the same month of the previous year, the electricity and gas supplies increased by 3 percent.
Compared to April 2022, the overall IPI increased by 1.2 percent. Mining and quarrying showed a month-on-month growth rate of 0.9 percent.
The manufacturing sector increased by 0.2 percent, while electricity and gas supplies increased by 24.9 percent.
The impact of growth in the electricity and gas supplies index on the IPI was limited due to its small percentage in the index.