The General Authority for Statistics (GASTAT) recently released data showing that the index of oil activities in Saudi Arabia fell by 2.5 percent in September 2024 compared to the same month in 2023. However, the index of non-oil activities rose by 5 percent during the same period. This increase was supported by growth in all non-oil economic activities except for the activity of electricity, gas, steam, and air conditioning supplies.
The report also indicated a decrease in the index of oil activities by 1.6 percent and a decrease in the index of non-oil activities by 0.3 percent when compared to the previous month of August. Additionally, the index of industrial production quantities recorded a decrease of 0.3 percent in September 2024 compared to the same month in 2023. This decline was attributed to a decrease in the activity of the manufacturing industry and the activity of electricity, gas, steam, and air conditioning supplies. The index also recorded a monthly decrease of 1.2 percent compared to August.
In September, the sub-index of mining and quarrying activity remained stable, with oil production in the Kingdom reaching 8.97 million barrels per day, the same level as the previous year. On a monthly basis, the sub-index of mining and quarrying activity recorded a decrease of 0.2 percent. The activity of water supply, sanitation, waste management, and treatment, on the other hand, increased by 2.5 percent during the month.
The sub-index for manufacturing activity saw a decrease of 0.5 percent on an annual basis, primarily due to a decrease in the activity of manufacturing coke and refined petroleum products, which decreased by 12.3 percent. However, the activity of manufacturing chemical materials and products, and manufacturing food products, recorded annual increases of 2 percent and 12.3 percent respectively. The preliminary results for the monthly performance of the sub-index for manufacturing activity showed a decrease of 2.6 percent.
According to GASTAT, the sub-index for electricity, gas, steam, and air conditioning supply activity recorded a decrease of 4.9 percent, while the sub-index for water and sanitation supply activity, and waste management and treatment activities, recorded an increase of 2.5 percent compared to September 2023. When compared to August 2024, the sub-index for electricity, gas, steam, and air conditioning supply activity, and the sub-index for water and sanitation supply activity, and waste management and treatment activities decreased by 1.7 percent and 4.1 percent respectively.
In conclusion, the data released by GASTAT provides insight into the performance of oil and non-oil activities in Saudi Arabia. While the index of oil activities experienced a slight decline, the index of non-oil activities saw growth, driven by various sectors within the economy. The manufacturing industry, in particular, faced challenges with a decrease in certain activities but also saw growth in others. Overall, the data indicates fluctuations in the industrial sector in Saudi Arabia, highlighting the need for monitoring and analysis to support economic growth and development in the country.
