A production line
Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the eighth month in a row, falling 10.5% year-on-year (YoY), in December 2023.
Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 120.3 points in December 2023, according to the base year 2010, compared to 134.4 points in December 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%) |
|
December |
120.27 |
(10.5%) |
The mining and quarrying activity dropped by 14.3% YoY as the Kingdom’s oil production was cut to 8.9 million barrels per day in December.
The manufacturing activity fell 3.3% YoY, while the electricity and gas supply increased by 25.8% YoY.
|
IPI by Activity |
|||
|
Main Sectors |
December 2022 |
December 2023 |
Change |
|
Mining & Quarrying |
128.3 |
109.9 |
(14.3%) |
|
Manufacturing |
158.2 |
153.0 |
(3.3%) |
|
Electricity & Gas Supply |
104.5 |
131.5 |
+25.8% |
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