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GASTAT: Industrial Production Index in Saudi Arabia Increased by 7.3% in December

GASTAT issues a number of Industry-related statistical products, including the industrial production index (IPI). Asharq Al-Awsat
GASTAT issues a number of Industry-related statistical products, including the industrial production index (IPI). Asharq Al-Awsat
    Asharq A-Awsat
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GASTAT: Industrial Production Index in Saudi Arabia Increased by 7.3% in December

GASTAT issues a number of Industry-related statistical products, including the industrial production index (IPI). Asharq Al-Awsat
GASTAT issues a number of Industry-related statistical products, including the industrial production index (IPI). Asharq Al-Awsat

The General Authority for Statistics (GASTAT) has issued the results of the industrial production index for December 2022, showing that IPI increased by 7.3% compared to the same month in the previous year, as a result of the increase in mining, quarrying, and manufacturing activity.

The results of the index's monthly publication revealed that the mining and quarrying activity index for December 2022 increased by 4.1% compared to the same month in the previous year.

Manufacturing activity also increased by 18.5% in December 2022, while electricity and gas supply activity decreased by 6.5%, compared to the same month in 2021.

According to the report's results, the industrial production index recorded positive growth rates during 2022 due to the increase in mining and quarrying activity as well as manufacturing activity.

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Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

Türkiye's President Recep Tayyip Erdogan said on Saturday that there would be more interest rate cuts in 2025 after the central bank cut its key rate by 250 basis points to 47.5% this week.

The Turkish central bank trimmed the one-week repo rate after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by Erdogan, who has since changed tack to back the program.

"Priority in our economy program is to lower the inflation... We will hopefully reduce inflation to the required level by using other tools at our disposal in addition to the monetary policy," Erdogan told members of his AK Party (AKP) in northwestern city of Bursa.

"We will definitely start lowering the interest rates. 2025 will be the landmark year for this," he said.

"Interest rates will decrease so that inflation will decrease. We will take this step. This is now indispensable for us."

Erdogan, who once described interest rates as his "biggest enemy," said last month that inflation would fall alongside the interest rate.

The central bank earlier announced that it had reduced the number of scheduled policy meetings next year to eight from 12 in 2024.

According to a Reuters poll's median, the central bank is expected to ease rates to about 28.5% by the end of 2025, with forecasts ranging between 25% and 33%.