Saudi Arabia's industrial production increased by 8.9% year-on-year in February, slowing from January's peak

(1) Saudi Arabia's industrial output grew by 8.9% year-on-year in February 2026, slowing from the over three-year high of 10.8% recorded in January. (2) Oil-related activities saw reduced growth (11.5% vs 13.2%), impacted by slower output in coke and refined petroleum products (5.2% vs 13.0%) and a slight decline in the growth rate of crude oil and natural gas extraction (13% vs 13.3%). (3) The non-oil sector also slowed (2.4% vs 4.9%), with manufacturing (2.8% vs 4.2%), water supply, sewage, waste management, and remediation services (8.1% vs 11.8%) leading the decline, while electricity, gas, steam, and air conditioning supply recorded a decrease (-3.7% vs 10.2%). (4) Month-on-month, industrial activity decreased by 0.2%, following a 0.1% decline in the previous month.