Saudi Arabia's Industrial Production Index (IPI) saw a notable decline of 2.9 per cent in May 2024 compared to May 2023. This downturn was primarily driven by a significant reduction in mining and quarrying activities. The mining and quarrying sector, which holds substantial weight at 61.4 per cent within the IPI calculation, exerted a dominant influence on the overall industrial production trend. Following closely behind, manufacturing activities contributed 35 per cent to the index, while electricity, gas, steam, and air conditioning supply activities made up 2.8 per cent. Water supply, sewerage, waste management, and remediation activities held a smaller share at 0.69 per cent. Despite these sectoral contributions, the overall IPI showed a modest increase of 0.9 per cent compared to April 2024. The fluctuations in the IPI reflect varying levels of economic activity across key industrial sectors, underscoring the importance of mining and quarrying as a pivotal driver of industrial production trends during this period. Attribution: General Authority for Statistics (GASTAT) data
