A production line in a factory
Saudi Arabia’s Industrial Production Index (IPI) rose by 24.8% year-on-year (YoY) in March, its highest annual increase in three years.
Data issued by the General Authority for Statistics (GASTAT) shows that Saudi IPI rose to 129.51 points in March 2022, based on the BY 2010, compared to 103.80 points in the year-ago period. This is the highest rate it touches in two years, as it hit 135.2 points in April 2020.
The IPI measures relative change and reflects the progress of production volumes of materials and goods, converted from raw materials into final consumables in the form of commodities for the purpose of achieving a return.
The following table shows the development of the index:
|
Industrial Production Index (IPI) |
||
|
Period |
Index (Points) |
YoY Change |
|
January 2021 |
113.33 |
(6.9%) |
|
February |
103.85 |
(14.8%) |
|
March |
103.80 |
(14.5%) |
|
April |
102.72 |
(24.0%) |
|
May |
106.29 |
+0.5% |
|
June |
110.16 |
+11.9% |
|
July |
114.89 |
+5.9% |
|
August |
119.05 |
+5.8% |
|
September |
119.76 |
+6.5% |
|
October |
121.78 |
+7.7% |
|
November |
124.20 |
+10.3% |
|
December |
125.20 |
+11.2% |
|
January 2022 |
125.94 |
+11.1% |
|
February |
127.01 |
+22.3% |
|
March |
129.51 |
+24.8% |
The index increase was driven by a 27% rise in the mining and quarrying activity, as the Kingdom increased its oil output to an all-time high at 10 million barrels per day in March 2022.
The manufacturing and electricity supply sectors increased by 22% and 1%, respectively, during the same month.
|
IPI by Activity in March 2022 |
|||
|
Main Sections |
March 2021 |
March 2022 |
Change |
|
Mining & Quarrying |
100.0 |
126.6 |
+27% |
|
Manufacturing |
118.4 |
144.4 |
+22% |
|
Electricity Supply |
86.9 |
88.1 |
+1% |
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