Saudi Industrial Production Index (IPI) rose by 1.6 percent in July 2024 compared to the same month in 2023. According to the General Authority for Statistics (GASTAT) bulletin, this growth was driven by increased activity in the manufacturing sector, as well as in electricity, gas, steam, air conditioning supply, and water supply, sewerage, waste management, and remediation services.
The manufacturing sub-index rose by 4.6 percent year-on-year. In contrast, the mining and quarrying sub-index experienced a decline of 0.8 percent in July 2024, SPA reported. The electricity, gas, steam, and air conditioning supply sub-index recorded a significant increase of 8.2 percent, while the water supply, sewerage, waste management, and remediation sub-index grew by 1.1 percent relative to the same month in 2023.
Read more: Saudi Arabia’s annual inflation rate rises to 1.5 percent in June 2024: GASTAT
Additionally, the data showed a 1.1 percent drop in the oil activities index, alongside an 8.2 percent rise in non-oil activities compared to the previous year. The IPI serves as an economic indicator that monitors the growth and changes in the volume of industrial production. This information is gathered through the Industrial Production Survey, which assesses a sample of industrial establishments engaged in mining, manufacturing, electricity and gas supply, and water supply, sanitation, waste management, and remediation activities. The index is published monthly.
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