Sign in
The Industrial Production Index (IPI) was down 6.1% y-o-y in April 2024, on the back of a decline in mining and quarrying activity — the index’s most-weighted component, according to a General Authority for Statistics (Gastat) report (pdf). The index analyzes survey data to show volume changes in industrial production across the Kingdom.
Activity in the mining and quarrying sectors — which accounted for 61% of the overall IPI — fell 14% y-o-y, driven by a reduction in oil output which was down to 8.9 mn barrels per day (bbl / d) in April.
IN CONTEXT- The Kingdom has voluntarily cut oil production by 1 mn bbl / d to stabilize the global market, in line with an OPEC+ consensus to slash oil output by a combined 3.7 mn bbl / d until October 2024.
Meanwhile, the sub-index for manufacturing climbed 7.7% y-o-y on the back of a 15.8% increase in food production and a 7.8% growth in chemicals production.
Some utilities are up, others down: The sub-index for electricity, gas, steam, and air conditioning supply activity grew 6.5% y-o-y, while that of the water supply, sewerage, waste management and remediation activity fell 2.8% on an annual basis.
On a monthly basis, the IPI rose 1.1% in April, with mining and quarrying activity up 0.1% m-o-m, while manufacturing increased 2.4%. Electricity and gas were up 2.8% m-o-m and waste management activity was up 4.9% m-o-m.
