A production line
Saudi Arabia’s Industrial Production Index (IPI) declined by 2.9% year-on-year (YoY) in May 2024.
Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 106.30 points in May 2024, according to the base year 2021, compared to 109.45 points in May 2023.
The index was directly affected by the decline in the mining and quarrying activity, which accounts for 61.4% of the index, 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 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 |
105.37 |
(6.3%) |
|
May |
106.30 |
(2.9%) |
The mining and quarrying activity dropped by 9.7% YoY as the Kingdom’s oil production was cut to 8.9 million barrels per day in May.
The manufacturing activity rose 8.2% YoY.
|
IPI by Activity |
|||
|
Main Sectors |
May 2023 |
May 2024 |
Change |
|
Mining & Quarrying |
109.23 |
98.64 |
(9.7%) |
|
Manufacturing |
110.30 |
119.36 |
8.2% |
|
Electricity, Gas, Steam & Air-Conditioning Supply |
101.49 |
108.15 |
6.6% |
|
Water Supply, Sanitation, Waste Management & Treatment |
118.06 |
117.82 |
(0.2%) |
|
IPI |
109.45 |
106.30 |
(2.9%) |
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