RIYADH — Saudi Arabia's annual Industrial Production Index (IPI) recorded a year-over-year decrease of 2.3 percent during the year 2024. According to the statistical report released on Monday by the General Authority for Statistics (GASTAT), this decrease is primarily driven by a 5.2 percent drop in oil activity, while non-oil activities recorded a 5.3 percent increase, reflecting improved performance across all non-oil economic sectors compared to 2023. According to the statistics, the annual index for mining and quarrying activity fell by 6.8 percent compared to 2023, while the annual index for manufacturing activity rose by 4.7 percent. The annual index for the coke and refined petroleum products manufacturing activity rose by 2.8 percent, while the chemical and chemical products manufacturing activity and the food products manufacturing activity rose by 2.9 percent and 6.29 percent respectively. The annual index for electricity, gas, steam, and air conditioning supply activities recorded an increase of 3.5 percent, while the index for water supply, sewerage, waste management, and remediation activities rose by 1.6 percent compared to 2023. The IPI is an economic indicator that measures changes in the volume of industrial output based on data from the industrial production survey.
