Saudi Arabia's Industrial Production Index (IPI) recorded a 5.0 per cent year-on-year increase in October 2024, driven by growth across all economic activities, according to the latest data from the General Authority for Statistics on Tuesday. On a monthly basis, the IPI rose by 0.4 per cent, reflecting sustained industrial expansion.
Mining and Quarrying Sub-Index The mining and quarrying sub-index grew by 0.4 per cent year-on-year in October 2024, as Saudi Arabia increased its oil production to 8.97 million barrels per day (bpd), up from 8.94 million bpd in October 2023. However, the sub-index remained stable compared to the previous month. Manufacturing Sub-Index Manufacturing activities surged by 12.4 per cent annually in October 2024, with notable contributions from key sectors. The manufacture of coke and refined petroleum products jumped by 32.6 per cent, while the manufacture of chemicals and chemical products and food products grew by 0.6 per cent and 4.8 per cent, respectively. On monthly basis, the manufacturing sub-index increased by 1.1 per cent, bolstered by a 2.7 per cent rise in the manufacture of coke and refined petroleum products and a 0.2 per cent increase in chemical and chemical product manufacturing. Electricity, Gas, and Water Supply Sub-Indices The electricity, gas, steam, and air conditioning supply sub-index rose by 6.2 per cent year-on-year, while the water supply, sewerage, waste management, and remediation activities sub-index climbed by 8.4 per cent. Month-on-month, the electricity sub-index increased by 0.9 per cent, and the water supply sub-index saw a 1.4 per cent rise. Economic Activities Overview Oil-related activities recorded a 5.4 per cent year-on-year increase in October 2024, while non-oil activities grew by 4.0 per cent, supported by gains across all non-oil sectors. On a monthly basis, oil activities increased by 0.5 per cent, and non-oil activities rose by 0.3 per cent. Attribution: IPI OCT '24 En Subediting: Y.Yasser
