The General Authority for Statistics (GASTAT) has published the 2024 annual Industrial Production Index (IPI), showing a 2.3% decline in overall industrial production compared to 2023. This drop is largely attributed to a 5.2% decrease in oil-related activities. In contrast, non-oil sectors saw a notable 5.3% growth, indicating stronger performance across all non-oil industries.
The report highlights a 6.8% year-over-year decline in mining and quarrying activities. Meanwhile, manufacturing grew by 4.7%, and the electricity, gas, steam, and air conditioning supply sector saw a 3.5% rise. The water supply, sewerage, waste management, and remediation sector also recorded a 1.6% increase.
The IPI serves as a key economic indicator, tracking changes in the volume of industrial output through data gathered from the industrial production survey.
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