Saudi Industrial Production Index increases by 1.0 % in August 2024

In August 2024, the Industrial Production Index (IPI) increased by 1.0% compared to the same month in the previous year (August 2023), supported by the rise in mining and quarrying activity, manufacturing activity, and electricity, gas, steam, and air conditioning supply activities. However, IPI decreased by 0.3% compared to July 2024.

Sub index for mining and quarrying

The sub-index of mining and quarrying activity increased by 0.8% in August 2024 compared to the same month of the previous year, as Saudi Arabia increased its oil production to 8.99 million barrels per day in August 2024 compared to 8.92 million barrels per day in August 2023.

On a monthly basis, the sub-index of mining and quarrying activity increased by 0.6%.

Sub index for manufacturing

Compared to August of the previous year, the sub-index of manufacturing activity increased by 1.1%, supported by an increase in the manufacture of chemicals and chemical products, and manufacture of food products which increased by 2.9% and 12.9%, respectively. Meanwhile, manufacture of coke and refined petroleum products decreased by 11.3%.

On a monthly basis, the sub-index of manufacturing activity showed a decrease of 1.8%, affected by the decline in the activity of manufacture of coke and refined petroleum products which decreased by 6.4%, and manufacture of paper and paper products which decreased by 0.1%.

Sub-index for electricity, gas, steam and air conditioning supply and sub-index for water supply, sewerage and waste management and remediation activities

The sub-index of electricity, gas, steam, and air conditioning supply activity recorded an annual increase of 4.1%, and the sub-index of water supply, sewerage and waste management and remediation activities decreased by 0.9%.

Based on the month-on-month trend, the sub-index of electricity, gas, steam, and air conditioning supply activity, and the sub-index of water supply, sewerage and waste management and remediation activities increased by 1.7% and 1.0% respectively.

 Industrial production index by main economic activities

The index for oil activities in August 2024 decreased by 1.4% compared to the same month of the previous year. While the index for non-oil activities increased by 7.0%, supported by an increase in all non-oil economic activities except for water supply, sewerage and waste management and remediation activities. Based on the month-on-month trend, the index for oil activities decreased by 0.7%, while the index for non-oil activities increased by 0.6%.