GASTAT Releases Industrial Production Index Data for July 2024

The General Authority for Statistics (GASTAT) released today the results of the Industrial Production Index (IPI) for July 2024. According to the bulletin, in July 2024, IPI rose by 1.6% compared to the same month in 2023. This growth was attributed to heightened activity in the manufacturing industry, electricity, gas, steam, and air conditioning supply activities, as well as water supply, sewerage, waste management, and remediation activities. The report also highlighted a 4.6% increase in the sub-index for manufacturing activity compared to July 2023. Conversely, the sub-index for mining and quarrying activities decreased by 0.8% in July 2024. The sub-index for electricity, gas, steam, and air conditioning supply activity showed a notable 8.2% increase, while the sub-index for water supply, sewerage, waste management, and remediation activities saw a growth of 1.1% over July 2023. Data revealed a 1.1% decrease in the index for oil activities in July 2024, along with an 8.2% increase in non-oil acti vities, compared to the same period the previous year. IPI is an economic indicator that tracks the development and relative changes in the volume of industrial production quantities. This data is derived from the Industrial Production Survey, conducted among a sample of industrial establishments involved in mining, manufacturing, electricity and gas supply, water supply, sanitation, waste management, and remediation activities. The indicator is published on a monthly basis. Source: Saudi Press Agency