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Saudi Non-Oil Activities Surge 7% in August, Oil Sector Declines

Saudi Arabia’s non-oil activities index surged by 7% in August 2024 compared to August 2023. This growth was driven by an increase in all non-oil economic activities except water supply, sanitation, waste management, and treatment.

Oil Sector Decline

The oil sector saw a slight decline of 1.4% in August 2024 compared to the same period last year. The index for oil activities also dropped by 0.7% from July, while the non-oil activities index rose by 0.6%.

The Industrial Production Index (IPI) increased by 1% in August 2024 year-on-year, according to GASTAT’s latest report. Growth was primarily driven by increased mining, quarrying, manufacturing, and electricity, gas, steam, and air conditioning supply.

Manufacturing Sector Growth

The manufacturing sub-index rose by 1.1% year-on-year, boosted by chemical manufacturing and food production activities. Manufacturing of chemicals and chemical products increased by 2.9%, while food products rose by 12.9%. However, coke and refined petroleum products saw an 11.3% annual decline.

In August, the manufacturing sub-index decreased by 1.8% compared to July. This decline was influenced by a 6.4% drop in coke and refined petroleum products and a 0.1% decline in paper manufacturing.

Electricity and Water Supply Activities

The sub-index for electricity, gas, steam, and air conditioning supply rose by 4.1% year-on-year in August 2024. However, the sub-index for water supply, sanitation, and waste management activities decreased by 0.9%. Compared to July, both sub-indices recorded increases of 1.7% and 1.0%, respectively.

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