Saudi industrial production rose almost 12% YoY in June

Saudi industrial production rose almost 12% YoY in June
Saudi Arabia issued 307 new factory licenses during the first three months of this year representing a total investment of SR17.72 billion ($4.73 billion). (Shutterstock)
Short Url
Updated 10 March 2022

Saudi industrial production rose almost 12% YoY in June

Saudi industrial production rose almost 12% YoY in June
  • The increase resulted Increase mainly from mining and quarrying, which gained 19.3 percent YoY
  • Oil production rose from 7.4 million bpd in June 2020 to 8.9 million bpd in June 2021

RIYADH: Saudi Arabia’s Industrial Production Index (IPI) rose by 11.9 percent in June 2021 from a year earlier and by 3.6 percent from May, official data showed today.

The increase resulted almost exclusively from higher production in mining and quarrying, which gained 19.3 percent on an annual basis and 4.5 percent from the previous month with Saudi oil production operating at high volumes, according to the General Authority for Statistics.

The Kingdom increased its oil production from 7.4 million bpd in June 2020 to 8.9 million bpd in June 2021.

Non-oil manufacturing activity decreased by 4.2 percent in June 2021 compared with the same month last year, and by 0.4 percent from May 2021.

The electricity and gas supply increased by 13.9 percent, with little impact on the IPI because of its low weight, according to GaStat.

The Kingdom is anticipating increased industrial activity in coming years through advanced technology.

Advanced technology from the Fourth Industrial Revolution (4IR) is expected to generate around SR1 trillion for the Saudi economy in new revenue streams, a senior Saudi official told a conference in Riyadh last month.