Saudi Arabia's industrial production growth slowed to 3.2% in April 2022 compared to the same month last year, and declined 0.3% from the previous March 2022, while the annual growth rate in March was 4.1%.
The manufacturing industries showed the largest decrease in industrial production on a monthly basis, falling by 2% in April compared to March, while mining and quarrying activities including oil and gas production maintained the same output during the same period.
The General Authority for Statistics report indicated that production in mining and quarrying activities increased by 2% in April compared to the same month last year, with Saudi Arabia producing more than 10 million barrels of oil per day.
This comes as OPEC+ countries decided to cut voluntary oil production by about 1.66 million barrels per day until December 2024. Saudi Arabia offered an additional voluntary cut of 1 million barrels per day starting July 1st for a renewable month.
Statistics released by the Saudi Statistics Authority showed that the oil sector's growth at constant prices reached 281 billion riyals ($75 billion) in the first quarter of this year, rising 1.4% year-on-year, but declined 4.7% compared to the fourth quarter of last year.
This comes as the kingdom achieved 3.8% growth in gross domestic product in the first quarter of the current year, supported by growth in non-oil activities which recorded 5.4% growth.
