The Industrial Production Index (IPI) of Saudi Arabia observed a noticeable descent, registering a 2.9 percent decline from the previous year in the month of May, as per the figures disclosed by the General Authority for Statistics (GASTAT).
Marking a descend to 106.30 points, the IPI, which is calibrated against the 2021 baseline, saw a drop from the 109.45 points noted in May of the preceding year.
The contraction in the IPI was significantly attributed to a reduction in activities within the mining and quarrying sector, which accounts for 61.4 percent of the total index, as reported by the Saudi financial news platform Argaam.com.
The purpose of the IPI is to track shifts in production volumes of a range of materials and commodities, from raw inputs to finished goods, with the intention of generating profitable outcomes.
