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A production line
Saudi Arabia’s Industrial Production Index (IPI) fell 2.3% year-on-year (YoY) in 2024, data issued by the General Authority for Statistics (GASTAT) showed.
The index declined to 105.1 points, based on the 2021 reference year, from 107.5 points in 2023.
The annual drop was mainly due to a 5.2% YoY decrease in the oil production index for the same year.
Meanwhile, the non-oil production index rose 5.3% YoY in 2024, supported by gains across all non-oil economic sectors.
The index tracks changes in output volumes of goods transformed from raw materials into final consumer products and serves as a key gauge of industrial performance.
The following table shows the development of the index:
|
Industrial Production Index (IPI)* |
||
|
Period |
IPI (Points) |
Change (YoY) |
|
2022 |
113.6 |
+13.6% |
|
2023 |
107.5 |
(5.3%) |
|
2024 |
105.1 |
(2.3%) |
The mining and quarrying index tumbled by 6.8% in 2024, compared to 2023, the authority said.
The manufacturing index advanced by 4.7% in 2024, driven by stronger performance in sub-sectors.
Electricity and gas supply grew 3.5% for the same year, with water, sewage, and waste services also up 1.6%.
|
IPI by Activity |
|||
|
Main Sectors |
2023 |
2024 |
Change |
|
Mining & Quarrying |
105.4 |
98.2 |
(6.8%) |
|
Manufacturing |
111.0 |
116.2 |
+4.7% |
|
Electricity, Gas, Steam & Air-Conditioning Supply |
108.4 |
112.1 |
+3.5% |
|
Water Supply, Sanitation, Waste Management & Treatment |
114.8 |
116.6 |
+1.6% |
|
IPI |
107.5 |
105.1 |
+2.3% |
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