Riyadh - Mubasher: Saudi Arabia's Industrial Production Index (IPI) rose by 24% year-on-year (YoY) in May, reflecting the continued positive growth rates amid the high production in three sub-sectors: mining and quarrying, manufacturing, and electricity and gas supply.
The performance of Saudi Arabia's IPI in May is the third highest rise in the last three years, according to a press release on Sunday.
The IPI growth turned positive in May 2021 after recording negative growth rates in 2019 and 2020, partly affected by the coronavirus (COVID-19) pandemic.
With a 74.5% weight in the IPI, mining and quarrying increased by 23.3%, when compared to May 2021, as the Kingdom raised its oil production to its highest level by over 10 million barrels per day in May 2022.
Meanwhile, the manufacturing and electricity and gas supply activities jumped by 28.8% and 3% YoY, respectively.
