Saudi Gazette report

RIYADH — The Saudi Industrial Production Index (IPI) recorded a 4% decline in June 2024 compared to the same period in 2023, primarily due to a drop in mining and quarrying activity. This sector heavily influences the overall IPI trend, accounting for 61.4% of the index weight.

According to data released by the General Authority for Statistics, the industrial production index fell to 105.73 points in June 2024, down from 110.08 points in June 2023, based on the 2021 base year.

The index was directly impacted by the sharp decline in mining and quarrying activity, which saw its sub-index drop by 11.3% compared to June 2023. Additionally, the mining and quarrying sub-index decreased by 1.8% compared to May 2024.

Conversely, the manufacturing sub-index rose by 7.4% compared to June 2023, driven by increases in coke and refined petroleum products, which grew by 5.3%, and chemicals, which surged by 9.2%.