Saudi Industrial Production Index drops 8.8% in January

10/03/2024 Argaam Special
A production line

A production line


Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the 13th month in a row, falling 8.8% year-on-year (YoY) in January.

 

Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 103.28 points in January 2024, according to the base year 2010, compared to 113.28 points in January 2023.

 

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

113.28

(10.1%)

February

112.09

(11.7%)

March

114.47

(11.6%)

April

112.43

(13.6%)

May

109.45

(16.9%)

June

110.08

(17.3%)

July

104.52

(22.7%)

August

103.93

(25.3%)

September

105.95

(23.5%)

October

101.78

(26.8%)

November

100.10

(25.8%)

December

103.00

(23.4%)

January 2024

103.28

(8.8%)

*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 January. 

 

The manufacturing activity fell 0.1% YoY, while the electricity and gas supply increased by 1.7% YoY. 

 

IPI by Activity

Main Sectors

January 2023

January 2024

Change

Mining & Quarrying

114.7

98.2

(14.3%)

Manufacturing

113.7

113.8

+0.1%

Electricity & Gas Supply

78.8

80.2

+1.7%

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