Saudi Arabia drops 2.9 per cent in its Industrial Production Index in May

Dubai: Saudi Arabia's Industrial Production Index (IPI) experienced a 2.9 per cent year-on-year decline in May this year, according to data released by the General Authority for Statistics (GASTAT).

The index dropped to 106.30 points, based on the 2021 base year, down from 109.45 points in May 2023.

This decrease was primarily driven by a downturn in mining and quarrying activity, which constitutes 61.4 per cent of the index, according to a report by Saudi financial news portal Argaam.com.

The IPI serves to measure the relative changes in production quantities of materials and goods, from raw materials to final consumables, aimed at achieving profitable returns.