A production line
Saudi Arabia’s Industrial Production Index (IPI) declined 6.1% year-on-year (YoY) in April.
Data issued by the General Authority for Statistics (GASTAT) showed that the Saudi IPI dropped to 105.60 points in April 2024, according to the 2021 base year, compared to 112.43 points in April 2023.
It was directly affected by the slump in the mining & quarrying activity, which accounts for 61.4% of the index, the authority said.
The IPI measures the relative change and reflects the production volumes of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of generating returns.
The following table shows the index development:
Saudi IPI*
|
Period |
IPI (Points) |
YoY Change (%) |
|
January 2023 |
113.28 |
-- |
|
February |
112.09 |
-- |
|
March |
114.47 |
-- |
|
April |
112.43 |
-- |
|
May |
109.45 |
-- |
|
June |
110.08 |
-- |
|
July |
104.52 |
-- |
|
August |
103.93 |
-- |
|
September |
105.95 |
-- |
|
October |
101.78 |
-- |
|
November |
100.37 |
-- |
|
December |
102.13 |
-- |
|
January 2024 |
102.58 |
(9.4%) |
|
February |
105.06 |
(6.3%) |
|
March |
104.45 |
(8.8%) |
|
April |
105.60 |
(6.1%) |
*Updated as per GASTAT data.
The mining & quarrying activity dropped 14.1% YoY as the Kingdom’s oil production was cut to 8.9 million barrels per day in April.
Meanwhile, the manufacturing industries activity rose 7.7% YoY during the same month, as shown in the following table:
|
IPI by Activity |
|||
|
Key Sectors |
April 2023 |
April 2024 |
Change |
|
Mining & Quarrying |
114.74 |
98.56 |
(14.1%) |
|
Manufacturing Industries |
110.56 |
119.05 |
7.7% |
|
Electricity, Gas, Steam & Air-Conditioning Supply |
84.01 |
89.49 |
6.5% |
|
Water Supply, Sanitation, Waste Management & Treatment |
118.58 |
115.28 |
(2.8%) |
|
IPI |
112.43 |
105.60 |
(6.1%) |
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