Saudi Gazette report
RIYADH — Saudi Arabia’s annual Industrial Manufacturing Index (IPI) recorded a year-over-year lower of two.3 p.c in the course of the yr 2024.
In accordance with the statistical report launched on Monday by the Common Authority for Statistics (GASTAT), this lower is primarily pushed by a 5.2 p.c drop in oil exercise, whereas non-oil actions recorded a 5.3 p.c improve, reflecting improved efficiency throughout all non-oil financial sectors in comparison with 2023.
In accordance with the statistics, the annual index for mining and quarrying exercise fell by 6.8 p.c in comparison with 2023, whereas the annual index for manufacturing exercise rose by 4.7 p.c.
The annual index for the coke and refined petroleum merchandise manufacturing exercise rose by 2.8 p.c, whereas the chemical and chemical merchandise manufacturing exercise and the meals merchandise manufacturing exercise rose by 2.9 p.c and 6.29 p.c respectively.
The annual index for electrical energy, gasoline, steam, and air con provide actions recorded a rise of three.5 p.c, whereas the index for water provide, sewerage, waste administration, and remediation actions rose by 1.6 p.c in comparison with 2023.
The IPI is an financial indicator that measures modifications within the quantity of business output primarily based on information from the economic manufacturing survey.