{"id":89530,"date":"2024-09-11T00:00:00","date_gmt":"2024-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/11\/industrial-production-volumes-rise-for-the-first-time-this-year\/"},"modified":"2024-09-11T00:00:00","modified_gmt":"2024-09-11T00:00:00","slug":"industrial-production-volumes-rise-for-the-first-time-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/11\/industrial-production-volumes-rise-for-the-first-time-this-year\/","title":{"rendered":"Industrial production volumes rise for the first time this year"},"content":{"rendered":"

Local industrial production index (IPI) rose 1.6% y-o-y in July<\/strong> \u2014 its first increase of the year \u2014 buoyed by the manufacturing and utilities sub-indexes, according to a General Authority for Statistics (GASTAT) report (pdf<\/a>. The IPI analyzes survey data to show changes in the volumes of industrial production across the Kingdom.<\/p>\n

The sub-index for manufacturing climbed 4.6% y-o-y<\/strong>, spurred by growth in the manufacturing of electric devices, which rose 16% y-o-y, as well as paper and paper products (+12% y-o-y), food production (+10.1% y-o-y), and chemicals (+5.7% y-o-y). Manufacturing accounts for 35% of the overall IPI, making it the second-weightiest component after oil and minerals. The latest IPI report marks the sixth consecutive month that manufacturing activity in the Kingdom rose y-o-y.<\/p>\n

Despite these gains, mining and quarrying activity fell 0.8%<\/strong>, driven by a reduction in oil output, which was down to 8.9 mn bbl \/ d during the month. The mining and quarrying sectors account for 61.4% of the overall IPI. Mining and quarrying activity rose month-on-month, however, growing 1.3% compared to June. <\/p>\n

BUT- Mining + quarrying activity could begin to rise again soon:<\/strong> Riyad Capital said in a report earlier this month that Saudi crude oil production is expected to increase to 10 mn bbl \/ d<\/a> by 4Q 2025, starting next quarter. <\/p>\n

Non-oil output was up, while oil output declined:<\/strong> The IPI for oil activities dipped 1.1%, but non-oil activities grew 8.2% y-o-y, reflecting a broad-based increase across non-oil sectors.<\/p>\n

IN CONTEXT-<\/strong> The government has penciled 4.5-5.0% growth<\/a> in non-oil GDP this year, with Moody\u2019s Analytics pegging the figure at a lower 3-4% per year through 2030.<\/p>\n

Utilities were also up across the board:<\/strong> The electricity, gas, steam, and air conditioning sub-index rose 8.2% y-o-y, while water supply and waste management activities increased by 1.1% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"

The manufacturing sub-index recorded its sixth consecutive month of growth<\/p>\n","protected":false},"author":1,"featured_media":89531,"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":[10,2341,157,392,1365],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam-ksa","tag-industrial-production-index-ipi","tag-industry","tag-manufacturing","tag-non-oil-economy","wpautop","entry"],"acf":{"mongo_id":"8d4c766d-bfbc-4c5a-b514-4923de312cf6","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2579.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi\u2019s industrial production volumes rise for the first time in 2024 in July","related_issue":[89525],"teaser":"The manufacturing sub-index recorded its sixth consecutive month of growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.b30a94fc-358e-492f-8d29-dedb2256a3c9.mp3"},"yoast_head":"\nIndustrial production volumes rise for the first time this year - 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