A production line
Saudi Arabia’s Industrial Production Index (IPI) added 1.6% year-on-year (YoY) in July, marking its first increase in 2024.
Data issued by the General Authority for Statistics (GASTAT) showed that the IPI rose to 106.18 points in July 2024, according to the base year 2021, compared to 104.52 points in July 2023.
This increase was driven by the rise in manufacturing activity, the electricity, gas, steam, and air conditioning supply, as well as water supply activities, and sewage as well as waste management.
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 2024 |
102.58 |
(9.4%) |
|
February |
105.06 |
(6.3%) |
|
March |
104.45 |
(8.8%) |
|
April |
105.37 |
(6.3%) |
|
May |
107.56 |
(1.7%) |
|
June |
104.41 |
(5.1%) |
|
July |
106.18 |
+1.6% |
*Updated according to GASTAT data.
The manufacturing activities rose 4.6% YoY, backed by the production of chemicals, and chemical products and the food production, rising 5.7% and 10.1% respectively in July.
Conversely, mining and quarrying activity dropped by 0.8% YoY as the Kingdom’s oil production reached 8.9 million barrels per day in July.
|
IPI by Activity |
|||
|
Main Sectors |
July 2023 |
July 2024 |
Change |
|
Mining & Quarrying |
98.86 |
98.07 |
(0.8%) |
|
Manufacturing |
111.85 |
117.05 |
+4.6% |
|
Electricity, Gas, Steam & Air-Conditioning Supply |
132.79 |
143.68 |
+8.2% |
|
Water Supply, sanitation, Waste Management & Treatment |
121.61 |
122.90 |
+1.1% |
|
IPI |
104.52 |
106.18 |
+1.6% |
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