Industrial production in Saudi Arabia plunged 23.5% year-on-year in August 2026, following an upwardly revised 8.3% drop in the previous month. The oil sector slumped 33.66% after an 11.4% drop in July, largely reflecting steeper declines in both the extraction of crude petroleum and natural gas (-35.8% vs. -10.9%) and the output of coke and refined petroleum products (-24.1% vs. -13.6%). However, the decline was partly offset by faster growth in output in other economic activities (5.1% vs 3.4%), with electricity, gas, steam, and air-conditioning supply growing much faster than in July (9.4% vs 4.5%), while water supply, sewerage, waste management, and remediation activities rose more slowly (7.4% vs. 7.8%). The decline was also offset by a rebound in output in non-oil activities (1.2% vs -0.3%), though the manufacturing sector edged down 0.3%. On a monthly basis, industrial output fell 14.0% in August, reversing sharply from a downwardly revised 10.0% increase in July.