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Saudi Arabia's Industrial Output Falls in July Amid Mining, Manufacturing Slowdown

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Saudi Arabia's Industrial Output Falls in July Amid Mining, Manufacturing Slowdown

Saudi Arabia's industrial production index fell on an annual basis in July amid declines in mining and manufacturing activities, data from the General Authority for Statistics showed Thursday.

The 8.1% year-over-year decrease eased from June's 16.3% drop. Annual oil-related activities fell 11.4%, while non-oil activities ticked down 0.3%.

On a monthly basis, overall industrial production climbed 10.4%, supported by growth across all sectors, notably mining and quarrying. Oil activities surged 16.3% compared with the previous month, while non-oil activities edged down 0.2%.

In the mining and quarrying sector, output fell 10.9% year on year in July, while month-over-month activity shot up 19%.

On an annual basis, manufacturing contracted by 5.8% as chemical and petroleum output slumped. Meanwhile, month-on-month performance improved, with the sector rising 1.3% thanks to a boost in coke and refined petroleum production.

Positive results were reported in the sub-index for the utilities-related sectors, with electricity, gas and air conditioning up 4.5% annually and water and waste management 7.8% higher. Month on month, electricity and gas grew 5.4%, while water management gained 2.6%.

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