The index of Saudi industrial production quantities fell 9.5 percent in July 2023 compared to July 2022.
The Saudi General Authority for Statistics reported that, despite continued manufacturing activity, electricity and gas supply activity was rising. However, the impact of the decline in mining activity and quarrying during July 2023 directly contributed to the decline in the overall index due to its high weight in the index.
According to the Authority's website, the index of industrial production recorded an annual decline of 9.5 percent during July of this year, continuing this slowdown in its growth rates, which peaked at the beginning of 2022, supported by the growth rates of mining, quarrying and manufacturing activities in that year.
July 2023 results indicate a 16.7 percent decrease in production in mining activity and quarry exploitation compared to the same month in 2022. Saudi Arabia cut its oil production in July this year to 9 million barrels per day.
On the other hand, manufacturing activity continued to rise and increased by 8.7 percent. Also, electricity and gas supply activity increased by 21 percent compared to July 2022.
Compared to June 2023, the overall industrial production index fell by 6.5 percent, affected by a decline in mining activity, quarry exploitation and manufacturing activity. Production in these activities fell during July of the current year by 9.5 percent and 1 percent, respectively.
Source: Qatar News Agency