A production line
Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2% year-on-year (YoY) in November 2023, extending its downtrend for the seventh successive month.
Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 119.7 points in November 2023, according to the base year 2010, compared to 134.8 points in November 2022.
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 2022 |
125.94 |
+11.1% |
|
February |
127.01 |
+22.3% |
|
March |
129.51 |
+24.8% |
|
April |
130.17 |
+26.7% |
|
May |
131.78 |
+24.0% |
|
June |
133.08 |
+20.8% |
|
July |
135.23 |
+17.7% |
|
August |
139.09 |
+16.8% |
|
September |
138.50 |
+15.7% |
|
October |
138.97 |
+14.1% |
|
November |
134.83 |
+8.6% |
|
December |
134.38 |
+7.3% |
|
January 2023 |
134.50 |
+6.8% |
|
February |
134.58 |
+6.0% |
|
March |
134.85 |
+4.1% |
|
April |
134.40 |
+3.2% |
|
May |
130.18 |
(1.2%) |
|
June |
130.89 |
(1.6%) |
|
July |
122.39 |
(9.5%) |
|
August |
122.06 |
(12.2%) |
|
September |
122.99 |
(11.2%) |
|
October |
121.93 |
(12.3%) |
|
November |
119.74 |
(11.2%) |
*Updated according to GASTAT data.
The mining and quarrying activity dropped by 15.8% YoY as the Kingdom’s oil production was cut to 8.8 million barrels per day in November.
The manufacturing activity fell 3.3% YoY, while the electricity and gas supply increased by 38.6% YoY.
|
IPI by Activity |
|||
|
Main Sectors |
November 2022 |
November 2023 |
Change |
|
Mining & Quarrying |
128.7 |
108.4 |
(15.8%) |
|
Manufacturing |
158.2 |
153.0 |
(3.3%) |
|
Electricity & Gas Supply |
110.3 |
152.9 |
+38.6% |
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