RIYADH — In comparison to the same month in 2023, Saudi Arabia’s Industrial Production Index (IPI) increased by 2.1 percent in December 2024. According to the IPI numbers, which were made public by the General Authority for numbers (GASTAT) on Monday, the growth was mostly driven by expansion in manufacturing, water supply, sewerage, and waste management and treatment sectors.
The mining and quarrying sub-index of the industrial output index for December 2024 decreased by 0.4 percent year over year as a result of lower oil production in December, which was 8.91 million barrels per day as opposed to 8.94 million barrels per day in 2023. Additionally, mining activities dropped by 0.2% from November 2024.
However, on an annual basis, the manufacturing sub-index grew by 6.3 percent in December, helped by a 9.3 percent gain in the production of coke and refined petroleum products and a 4.8 percent increase in the manufacturing of chemicals and chemical products. On a monthly basis, the manufacturing industry index performance grew by 5.1%.
In December 2024, the oil activity index also grew by 1.3% year over year. With the exception of the delivery of gas, electricity, steam and air conditioning, all non-oil economic activities increased, contributing to the 4% growth in the non-oil activities index.
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