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‎Saudi Industrial Production Index falls 7.7% in Feb

April 10, 2024
in Business
‎Saudi Industrial Production Index falls 7.7% in Feb
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Saudi Industrial Production Index drops 7.7% in February

A production line

Saudi Arabia’s Industrial Production Index (IPI) declined by 7.7% year-on-year (YoY) in February 2024.

Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 103.44 points in February 2024, according to the base year 2021, compared to 112.09 points in February 2023.

The index was directly affected by the decline in the mining, quarrying, and manufacturing activities, 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

(10.1%)

February

112.09

(11.7%)

March

114.47

(11.6%)

April

112.43

(13.6%)

May

109.45

(16.9%)

June

110.08

(17.3%)

July

104.52

(22.7%)

August

103.93

(25.3%)

September

105.95

(23.5%)

October

101.78

(26.8%)

November

100.37

(25.8%)

December

102.13

(23.4%)

January 2024

102.42

(9.6%)

February

103.44

(7.7%)

*Updated according to GASTAT data.

**Data updated according to the base year 2021

The mining and quarrying activity dropped by 13.8% YoY as the Kingdom’s oil production was cut to nine million barrels per day in February. 

Compared with the previous month, the mining and quarrying activity rose 0.6%.

The manufacturing activity increased by 2.1% YoY, while the electricity and gas supply leapt by 7.7% YoY. Water supply, sanitation, waste and treatment management also rose by 8.5% YoY.

IPI by Activity

Main Sectors

February 2023

February 2024

Change

Mining & Quarrying

114.6

98.8

(13.8%)

Manufacturing

110.0

112.3

+2.1%

Electricity & Gas Supply

84.3

90.7

+7.7%

Water Supply, Sanitation, Waste and Treatment Management

107.6

116.8

+8.5%

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1718838

Tags: businessIndustrialSaudi
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