The Industrial Production Index (IPI) fell 2.3% y-o-y in 2024, according to annual data (pdf) by the General Authority for Statistics. The 5.2% y-o-y decline in the oil activities index weighed down the reading, offsetting a 5.3% y-o-y increase in non-oil activities.

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The breakdown: The mining and quarrying activities index saw a 6.8% y-o-y decline last year. Meanwhile, the manufacturing activity index saw a 4.7% y-o-y uptick, led by a 2.8% rise in coke and refined petroleum products, while the manufacture of chemical products grew by 2.9%, and food products saw a 6.2% increase.

AND- Utilities climbed: The electricity, gas, steam, and air conditioning supply activity index increased by 3.5% y-o-y in 2024, while the water supply, sewerage and waste management, and remediation activities index grew by 1.6% over the same period.

REFRESHER- The latest monthly IPI figures showed a 3.1% y-o-y growth for April, led by a 7.4% y-o-y rise in the manufacturing activity and a 0.2% uptick in mining and quarrying. The oil activities index was also up 4.3%, and the non-oil activities index inched up 0.1%.

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