Saudi Arabia’s Industrial Production Index (IPI) recorded a 3.4% surge in November 2024 compared to the same period last year, driven by gains in mining, manufacturing, and key utility sectors, according to data released by the General Authority for Statistics (GASTAT).
The mining and quarrying sub-index, which includes crude oil production, rose by 1.2%, reflecting steady growth in the Kingdom’s core extractive industries. Manufacturing, a key non-oil contributor, saw a significant increase of 7.2%, highlighting the continued expansion of domestic industrial activity.
However, the sub-index for electricity, gas, steam, and air conditioning supply declined by 2.1%, indicating reduced output in the energy distribution sector. In contrast, the sub-index for water supply, sewerage, waste management, and remediation activities surged by 10.5%, driven by increased infrastructure and environmental management activities.
Overall, the IPI for main economic activities increased by 3.8% year-on-year, while the non-oil IPI recorded a 2.4% rise, reflecting continued efforts to diversify the economy away from oil dependence.
The IPI, published monthly by GASTAT, is a key economic indicator that tracks changes in the volume of industrial output across various sectors. It is derived from industrial production surveys and provides insights into the performance of Saudi Arabia’s industrial base amid broader economic diversification efforts.