The General Authority for Statistics (GASTAT) released today its Industrial Production Index (IPI) report for August 2024. The report revealed a 1.0% increase in IPI during August 2024 compared to the same month in 2023. This growth was primarily driven by increased activity in mining and quarrying, manufacturing, and electricity, gas, steam, and air conditioning supply. While oil activities saw a slight decline of 1.4% in August 2024 compared to the same month in 2023, the non-oil activities index experienced a significant surge of 7.0% compared to the previous year. GASTAT regularly publishes various statistical products related to the industrial sector. IPI is a key economic indicator that measures changes in the volume of industrial production based on data collected monthly through the industrial production survey. Source: Saudi Press Agency
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