Saudi Industrial Production Index drops 10.5% in December

11/02/2024 Argaam Special
A production line

A production line 


Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the eighth month in a row, falling 10.5% year-on-year (YoY), in December 2023.

 

Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 120.3 points in December 2023, according to the base year 2010, compared to 134.4 points in December 2022.

 

The index was directly affected by the decline in the mining, quarrying, and manufacturing activities, the authority said. 

 

The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return. 

 

The following table shows the development of the index:

 

Industrial Production Index (IPI)*

Period

IPI (Points)

Change (YoY)

January 2022

125.94

+11.1%

February

127.01

+22.3%

March

129.51

+24.8%

April

130.17

+26.7%

May

131.78

+24.0%

June

133.08

+20.8%

July

135.23

+17.7%

August

139.09

+16.8%

September

138.50

+15.7%

October

138.97

+14.1%

November

134.83

+8.6%

December

134.38

+7.3%

January 2023

134.50

+6.8%

February

134.58

+6.0%

March

134.85

+4.1%

April

134.40

+3.2%

May

130.18

(1.2%)

June

130.89

(1.6%)

July

122.39

(9.5%)

August

122.06

(12.2%)

September

122.99

(11.2%)

October

121.93

(12.3%)

November

119.74

(11.2%)

December

120.27

(10.5%)

*Updated according to GASTAT data.

 

The mining and quarrying activity dropped by 14.3% YoY as the Kingdom’s oil production was cut to 8.9 million barrels per day in December. 

 

The manufacturing activity fell 3.3% YoY, while the electricity and gas supply increased by 25.8% YoY. 

 

IPI by Activity

Main Sectors

December 2022

December 2023

Change

Mining & Quarrying

128.3

109.9

(14.3%)

Manufacturing

158.2

153.0

(3.3%)

Electricity & Gas Supply

104.5

131.5

+25.8%

 

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