The Clap
The Saudi industrial production index declined by 1.2% YoY during May.
What
The General Authority for Statistics indicated that the decrease in production in mining and quarrying activity directly contributed to the decline in the general index due to its high weight in the index, which is 74.5%.
So What
Production in the mining and quarrying sector decreased in May by 5.5% YoY, which saw Saudi Arabia reduce its oil production to 9.9 million barrels per day in the same month.
Now What
This is the “first contraction” of the index, since April 2021.
It measures the relative change and reflects the evolution in the production quantities of materials and commodities converted from raw materials into consumables in the form of commodities, in order to achieve a material return.
