S. Arabia’s industrial production falls by 10.5% in Dec. ’23

Saudi Arabia’s Industrial Production Index (IPI) decreased by 10.5 per cent in December 2023, due to the decline in mining, quarrying and manufacturing activities, a data from the General Authority for Statistics showed on Sunday.

The index reached its peak in early 2022, driven by growth in mining, quarrying, and manufacturing activities. However, growth rates declined in 2023, primarily due to a slowdown in mining and quarrying.

Mining and quarrying decreased by 14.3 per cent compared to December 2022 as Saudi Arabia reduced its oil production to 8.9 million barrels per day in December 2023, the statement said.

Manufacturing activity also decreased by 3.3 per cent compared to the same month of the previous year, while electricity and gas supplies increased by 25.8 per cent, the statement added.