The Saudi Arabian Industrial Production Index (IPI) revealed a 1.0% month-on-month increase during August 2024, according to data released today by the General Authority for Statistics (GASTAT).
The IPI rose to 105.01 points in August, according to the base year 2021, compared to 103.93 points in August 2023. This growth was attributed to increased activity in mining and quarrying, manufacturing, and electricity, gas, steam and air conditioning supply.
Despite the month-on-month growth, IPI decreased by 0.3% compared to July 2024.
The report recorded a 1.4% decline in oil activities in August 2024 compared to the same month in 2023, the non-oil activities index experienced a 7% increase compared to the previous year.
The sub-index of mining and quarrying activity increased by 0.8% YoY in August 2024, as Saudi Arabia increased its oil production to 8.99 million barrels per day in August 2024 compared to 8.92 million barrels per day in August 2023. On a monthly basis, the sub-index of mining and quarrying activity increased by 0.6%.
Meanwhile, the sub-index of manufacturing activity increased by 1.1% YoY, supported by an increase in the manufacture of chemicals and chemical products and manufacture of food products. However, the sub-index showed a decrease of 1.8% compared to the previous month.
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.
