- media@moneyinfocus.news
Saudi Arabia’s industrial production growth slowed in February, reflecting softer expansion across both oil and non-oil sectors, according to official data released Thursday.
Industrial output rose 8.9% from a year earlier, easing from 10.8% in January, which had marked the strongest pace in more than three years.
Oil-related activities continued to drive growth but moderated to 11.5% year-on-year, down from 13.2% in the previous month. The deceleration was partly due to slower increases in refined petroleum products, which grew 5.2%, compared with 13.0% in January. Output in crude petroleum and natural gas extraction also edged lower to 13.0%, from 13.3%.
Non-oil activities expanded at a slower pace of 2.4%, compared with 4.9% a month earlier. Growth in the manufacturing sector eased to 2.8% from 4.2%, while water supply, sewerage and waste management services rose 8.1%, down from 11.8%.
Activity in electricity, gas, steam and air-conditioning supply contracted 3.7%, reversing a 10.2% increase in January.
On a monthly basis, industrial output declined 0.2%, following a 0.5% drop in the prior month.
The data point to a moderation in industrial activity after a strong start to the year, with both oil and non-oil segments showing slower momentum.
