Saudi IPI Rises 0.8% Despite Oil Output Cuts

Saudi Arabia's Industrial Production Index (IPI) rose by 0.8% in September compared to August, primarily driven by a slight increase in mining and quarrying activities.

The General Authority for Statistics reported that mining and quarrying activities registered a monthly increase of 0.6%, while the manufacturing sector and electricity and gas supplies industries increased by 1% each during the same period.

However, the Kingdom's IPI decreased by 11% in September compared to the same month last year.

The General Authority for Statistics attributed the decline in the general index to the decrease in mining and quarrying activity, which led to a significant drop in oil output aligned with OPEC's decision.