{"id":87753,"date":"2024-07-11T00:00:00","date_gmt":"2024-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/11\/industrial-production-volumes-extend-decline-in-may\/"},"modified":"2024-07-11T00:00:00","modified_gmt":"2024-07-11T00:00:00","slug":"industrial-production-volumes-extend-decline-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/11\/industrial-production-volumes-extend-decline-in-may\/","title":{"rendered":"Industrial production volumes extend decline in May"},"content":{"rendered":"

The Industrial Production Index (IPI) was down 2.9% y-o-y in May 2024 <\/strong>on the back of a decline in mining and quarrying activity \u2014 the index\u2019s heaviest-weighted competent, according to a General Authority for Statistics (Gastat) report (pdf)<\/a>. The index analyzes survey data to show volume changes in industrial production across the Kingdom.<\/p>\n

Activity in the mining and quarrying sectors \u2014 which accounted for 61.4% of the overall<\/strong> IPI \u2014 fell 9.7% y-o-y, <\/strong>driven by a reduction in oil output which was down to 8.9 mn barrels per day (bbl \/ d) in May 2024. <\/p>\n

Oil vs non-oil:<\/strong> The oil activities index fell 8.4% y-o-y due to the oil production drop, while the index for non-oil activities rose 12.8%, supported by an increase in all non-oil economic activities except for water projects.<\/p>\n

IN CONTEXT- <\/strong>The Kingdom has voluntarily cut oil production by 1 mn bbl \/ d to stabilize the global market, as per its ongoing agreement with OPEC+<\/a> to slash oil production by a combined 3.7 mn barrels per day until October of this year.<\/p>\n

Meanwhile, the sub-index for manufacturing climbed 8.2% y-o-y <\/strong>on the back of a 15.6% increase in food production and 10.0% growth in chemicals manufacturing.<\/p>\n

Some utilities are up, others down: <\/strong>The sub-index of electricity, gas, steam, and air conditioning supply activity grew 6.6% y-o-y, while that of the water supply, sewerage and waste management, and remediation activity dipped 0.2% y-o-y.<\/p>\n

On a monthly basis, the IPI rose 0.9% in May<\/strong>, with mining and quarrying activity up 0.1% m-o-m alongside activity increases in manufacturing by 0.8%, electricity and gas by 20.8%, and waste management by 2.2%. Oil activities remained stable m-o-m while non-oil activities grew 3.0% over the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mining and quarrying activities accounted for 61.4% of the IPI index<\/p>\n","protected":false},"author":1,"featured_media":87754,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2716],"tags":[10,2341,392,2593,2687],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam-ksa","tag-industrial-production-index-ipi","tag-manufacturing","tag-non-oil","tag-oil","wpautop","entry"],"acf":{"mongo_id":"7f175c3d-3530-4421-a853-3d44ae73e627","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/853.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Industrial production volumes decline in May 2024","related_issue":[87746],"teaser":"Mining and quarrying activities accounted for 61.4% of the IPI index","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.32b24baa-7901-47b5-9c7e-f4568237de5d.mp3"},"yoast_head":"\nIndustrial production volumes extend decline in May - 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