Saudi Industrial Production Index drops 7.7% in February

A production line

Saudi Arabia’s Industrial Production Index (IPI) declined by 7.7% year-on-year (YoY) in February 2024.

Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 103.44 points in February 2024, according to the base year 2021, compared to 112.09 points in February 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:

*Updated according to GASTAT data.

**Data updated according to the base year 2021

The mining and quarrying activity dropped by 13.8% YoY as the Kingdom’s oil production was cut to nine million barrels per day in February. 

Compared with the previous month, the mining and quarrying activity rose 0.6%.

The manufacturing activity increased by 2.1% YoY, while the electricity and gas supply leapt by 7.7% YoY. Water supply, sanitation, waste and treatment management also rose by 8.5% YoY.