The industrial production index in Saudi Arabia recorded a decline of 1.2 percent during May 2023, compared to the same period in 2022, according to official data.
This is the first decline in the index in two years, that is, since April 2021, when it fell by 24 percent.
The General Authority for Statistics in Saudi Arabia said, on Tuesday, that the index continued to slow down during the previous months, recording a low growth rate for the first time this year.
The report indicated that the mining and quarrying activity decreased by 5.5 percent, compared to the corresponding period of last year, which contributed to a decrease in the general index, despite the increase in other indicators.
The electricity and gas supply activity index increased by 12 percent, as well as the manufacturing activity, which the data showed continued to rise in May by 10.3 percent, compared to the same period last year.
The industrial production index measures the relative change and reflects the development in the production quantities of materials and commodities, which were converted from raw materials to consumables in their final form in the form of commodities, in order to achieve a financial return.
2023-07-11 12:59:03
#Industrial #production #decreased #Saudi #Arabia #time #years
