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%
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