Riyadh: Saudi Arabia's industrial sector continued its upward trajectory in October 2024, with the Industrial Production Index (IPI) rising 5% year-on-year. This robust performance was driven by growth across key economic sectors, according to data released by the General Authority for Statistics.

Key Highlights:

Mining and Quarrying: This sector, including oil production, saw a marginal 0.4% annual increase. Oil output edged up to 8.97 million barrels per day.
Manufacturing: This sector remained a major driver of growth, expanding 12.4% year-on-year. Key contributors included a 32.6% surge in coke and refined petroleum products, as well as growth in chemicals, food products, non-metallic minerals, basic metals, paper and paper products, electrical devices, furniture, and other manufacturing activities.
Utilities: The sub-index for electricity, gas, steam, and air conditioning supply rose 6.2% year-on-year, while the water supply and sewerage sub-index climbed 8.4%.
Oil-Related Activities: This sector expanded 5.4% year-on-year.
Non-Oil Activities: These activities, crucial to Saudi Arabia's Vision 2030 diversification efforts, grew 4% annually.

The IPI, which tracks changes in industrial output across various sectors, indicates that Saudi Arabia's industrial sector is on a strong growth trajectory. This positive momentum is expected to contribute to the country's economic diversification goals and sustainable development.

[Copyright (c) Global Economic Times. All Rights Reserved.]