Saudi Arabia's Industrial Production Index (IPI) fell by 4.0 per cent year-on-year (YoY) in June, primarily due to a significant decrease in mining and quarrying activities, which comprise 61.4 per cent of the index's weight. According to the latest General Authority for Statistics (GASTAT) data, the mining and quarrying sub-index dropped 11.3 per cent annually and 1.8 per cent monthly, influenced by Saudi Arabia's reduced oil production. The manufacturing sub-index increased by 7.4 per cent compared to June 2023, driven by gains in the production of chemicals and refined petroleum products. However, it decreased by 3.3 per cent from May 2024, mainly due to a decline in the manufacture of coke and refined petroleum products. The sub-index for electricity, gas, steam, and air conditioning supply rose 10.2 per cent YoY and 25.6 per cent month-on-month (MoM). Similarly, the water supply and waste management sub-index saw annual and monthly increases of 1.7 per cent and 1.0 per cent, respectively. In summary, while the oil activity index declined by 8.5 per cent from June 2023 and 3.2 per cent from May 2024, non-oil activities saw an 8.6 per cent annual increase and a 2.2 per cent monthly rise. Attribution: GASTAT data
