Riyadh – Mubasher: Saudi Arabia's industrial production index (IPI) decreased by 5.72% year-on-year (YoY) in February, according to the monthly report of the General Authority for Statistics.
The decline in the industrial production index is mainly attributed to a 3.38% decrease in the production rate of the mining and quarrying activity, which represents 74.5% of the IPI weight share.
The manufacturing activity saw a 12.7% drop in February compared to the same month of 2019, while the electricity and gas supply activity rose by 7.3% YoY.
On a monthly basis, the IPI inched up by 0.15% in February, ascribed to a 0.5% rise in the mining and quarrying activity.
It is noteworthy to mention that the IPI fell by 6.68% in January due to a 4.74% YoY decrease in the heavyweight mining and quarrying activity.
