Saudi industrial output dips slowest in four months

Saudi Arabia experienced a slowdown in industrial production decline in July, with the index decreasing by 8.1% year-on-year, marking the smallest decline in four months. This slowdown was supported by a reduced rate of decline in oil activities, which fell by 11.4%, and a slight decrease in non-oil activities of only 0.3%. In the mining and quarrying sector, activity decreased by 10.9% annually but rose by 19% on a monthly basis. The manufacturing index also declined by 5.8% year-on-year, with a 13.6% drop in coke and refined petroleum products manufacturing, while the chemical manufacturing sector increased by 4%. On a monthly basis, manufacturing grew by 1.3%, driven by a 6.5% increase in coal and petroleum product activities. Service sectors related to industry, such as electricity, gas, and water supply, showed both annual and monthly growth, reflecting a reduction in pressures on the overall industrial production index, despite the continued decline in oil activities, which constitute the largest part of the index.

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