Saudi Arabia’s general Industrial Production Index (IPI) experienced a significant increase of 5% in October 2024 compared to the same month in 2023.
Saudi Industrial Growth
According to data from the General Authority for Statistics, the index reached 106.87 points based on the 2021 base year, up from 101.78 points in October 2023. This growth was attributed to expansions in all major economic activities, with mining and manufacturing leading the way.
Key Highlights:
- Manufacturing Sector: The sector saw a robust 12.4% year-on-year increase, driven by increased production and industrial activity.
- Mining Sector: Oil production rose by 0.4% to 8.97 million barrels per day, significantly contributing to the sector’s performance.
- Utilities: Electricity and gas supplies grew by 6.2%, while water supply and sanitation activities recorded an 8.4% increase.
This growth reflects Saudi Arabia’s progress in industrial development, showcasing the strength of its economic diversification initiatives under Vision 2030.