RIYADH — The General Authority for Statistics (GASTAT) released on Tuesday the Industrial Production Index (IPI) for March 2022 on its official website.

In March 2022, the Industrial Production Index increased by 24.8% compared to the same month of the previous year (March 2021). The IPI continued to show positive growth rates due to the increase of industrial production resulted from higher production in the three sub-sectors mining and quarrying, manufacturing, and electricity and gas supply.

According to the GASTAT, in March 2022 mining and quarrying grew by 26.6% compared to (March 2021). The manufacturing activity also continued to rise in March 2022, recovering from the effects of the Corona pandemic that the world witnessed during the last period. It was also affected by the recovery of international trade and the increase for Saudi exports during the current period, as production in manufacturing activity increased by 22.0% compared to the same month of the previous year. The electricity and gas supplies increased by 1.4%.

Compared to February 2022 the overall IPI increased by 2.0%. Mining and quarrying showed a month-on-month growth rate of 0.7%. The manufacturing sector grew by 6.0%, electricity and gas supplies decreased by 1.3%. The impact of the large contraction in the electricity and gas supplies index on the IPI was limited due to its small weight in the index.

The IPI is an economic indicator that reflects the relative changes of the volume of industrial output. It is calculated based on the industrial production survey. The IPI data is based on the International Standard Industrial Classification of Economic Activities (ISIC 4). This index is published on a monthly basis. — SPA