Riyadh October 11 2023: Saudi Arabia’s Industrial Production Index (IPI) fell by 12.2% year-on-year (YoY) in August, extending its downtrend to the fourth successive month.
Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 122.1 points in August, according to the base year 2010, compared to 139.1 points in the year-ago period.
The drop in IPI is the largest since April 2021, when it recorded a decline of 24%.
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% YoY as the Kingdom’s oil production was cut to 8 million barrels per day in August.
The manufacturing activity maintained its growth, jumping 5% YoY. The electricity and gas supply activity also increased by 21% YoY.
