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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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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.