Saudi’s Industrial Production Index records a 3-year high
Saudi’s Industrial Production Index (IPI) rose by 22.3 percent in February compared to the same month of 2021. This was the highest year-on-year growth rate during the last three years.
The increase in February is the tenth in a row since May 2021, following a contraction during the previous 12 months as a result of the repercussions of the Covid-19 pandemic.
The IPI rose to 127 points in February, the highest in 22 months since it peaked at 135.2 points in April 2020.
In February 2022 mining and quarrying grew by 25.5 percent compared to the same month a year earlier. This comes as Saudi increased its oil production to its highest level by over 10 million barrels per day (bpd).
Mining and quarrying activity increased to 125.7 points in February 2021, up from 100.1 points the previous month.
In April of 2020, mining activity peaked at 147.2 points, as Saudi increased oil production to a new high of more than 12 million bpd.
In addition, manufacturing activity displayed post-pandemic economic recovery, climbing 14.3 percent in February compared to the same month in 2021.
Electricity and gas supply activity increased by 11.4 percent compared to the same month in 2021.
Saudi’s IPI increased by 0.9 percent month-over-month in February 2022 compared to the previous month, mainly due to a 0.8 percent increase in mining and quarrying activity.
Manufacturing climbed by 2 percent over the previous month, while electricity and gas fell by 9.3 percent.