RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in September 2023, extending its downtrend to the fifth successive month.
Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 122.99 points in September, according to the base year 2010, compared to 138.5 points in the year-ago period.
Despite the continued increase in the manufacturing activity and the electricity and gas supply activity, September’s decline in the mining and quarrying activity directly impacted the general index due to its heavy weight in the index.
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 monetary return.
The mining and quarrying activity dropped by 19 percent YoY as the Kingdom’s oil production was cut to 8.9 million barrels per day in September.
The manufacturing activity maintained its growth, jumping 7 percent YoY. The electricity and gas supply activity also increased by 27 percent YoY.