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Saudi Arabia’s IPI jumps 17.7% in July – GaStat

Saudi Arabia’s IPI jumps 17.7% in July – GaStat
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Riyadh – Mubasher: The Industrial Production Index (IPI) of Saudi Arabia surged by 17.7% year-on-year (YoY) in July 2022, according to the General Authority for Statistics’ (GaStat) latest data.

The growth was mainly attributed to a 14.1% YoY increase in mining and quarrying, as the Kingdom expanded its oil production to its highest level by more than 10 million barrels per day (bpd) in July 2022.

The annual growth in July IPI was also driven by a 32.6% YoY jump in manufacturing activity during the month, in addition to a 5% YoY rise in electricity and gas supplies.

The relative weights of the mining and quarrying, manufacturing, as well as electricity and gas supply sectors in the IPI are 74.5%, 22.6%, and 2.9%, respectively.

On a monthly basis, each of the overall IPI and the mining sector grew by 1.6% last July when compared to June 2022.

The manufacturing sector inched up by 0.3% month-on-month (MoM) in July 2022, while the electricity and gas supplies sector enlarged by 14.6%.

Last August, GaStat reported that Saudi Arabia’s Consumer Price Index (CPI) was higher by 2.7% YoY in July 2022.