{"id":103973,"date":"2026-01-12T00:00:00","date_gmt":"2026-01-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=103973"},"modified":"2026-01-12T04:26:40","modified_gmt":"2026-01-12T04:26:40","slug":"saudi-industrial-growth-rides-on-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/01\/12\/saudi-industrial-growth-rides-on-oil\/","title":{"rendered":"Saudi industrial growth rides on oil"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi industrial output posted its strongest growth in months<\/strong>, with the Industrial Production Index (IPI) jumping 10.4% y-o-y in November, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/274.pdf\" style=\"\" rel=\"noopener\">latest data (pdf)<\/a> from state statistics agency Gastat. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s (actually) behind the numbers:<\/strong> On paper, it appears to be a broad-based rally, with oil output rising 12.9% y-o-y, manufacturing up 8.1%, and non-oil activities growing 4.4%. However, a closer look at the manufacturing numbers suggests that the \u201cdiversification rally\u201d is still running on hydrocarbons. The manufacturing sub-index\u2019s growth was driven almost entirely by petcoke and refined petroleum products (up 14.5%) and chemical products (up 10.9%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>True non-oil manufacturing actually declined<\/strong>, with electricity, gas, steam, and air conditioning supply slipping 4.3% y-o-y.<\/p>\n<p class=\"tag-border-left\">The breakdown <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mining and quarrying sub-index \u2014 which dominates the IPI \u2014 gained 12.6% y-o-y.<\/strong> This was underpinned by a substantial increase in oil production, which hit 10.1 mn bbl \/ d in November, compared to 8.9 mn bbl \/ d a year earlier. On a monthly basis, the sector saw a modest 0.5% uptick.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the utilities front:<\/strong> Electricity, gas, steam, and air conditioning supply activity dropped sharply by 28.6% m-o-m, as November's colder weather reduced the load on the grid. Meanwhile, water supply, sewerage, and waste management rose 10.2% y-o-y, but fell 3.1% m-o-m.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Why it matters<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While oil activities are surging, the broader industrial diversification push is facing a<\/strong><strong> digestion phase<\/strong>, evidenced by monthly declines in electrical devices and non-metallic products. This suggests that the headline numbers are currently masking a more cautious cycle in private sector investment for non-energy manufacturing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial Production Index rose 10.4% y-o-y in November, the strongest pace in months<\/p>\n","protected":false},"author":1,"featured_media":103974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2716],"tags":[10,1433,392,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam-ksa","tag-general-authority-for-statistics-gastat","tag-manufacturing","tag-mining","wpautop","entry"],"acf":{"mongo_id":"5b780fb9-9d33-4ca9-ae89-6f904bf9a73f","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/380.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Strong IPI growth masks a narrow manufacturing rally","related_issue":[103962],"teaser":"Industrial Production Index rose 10.4% y-o-y in November, the strongest pace in months"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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