- 8.2% Monthly decrease in General IPI.
- 9.5% Monthly decrease in IPI of Mining sector.
- 0.1% Monthly decrease in IPI of Manufacturing sector.
The Planning and Statistics Authority has issued the press release of industrial production index for February 2024, calculated using 2018 as a base year. This indicator reflects the growth of details of the growth of the various industrial economic sectors that make up it, with a different relative weight they have, such “Mining and quarrying” 82.46%, “Manufacturing” 15.85%, “Electricity, gas, steam, and air conditioning supply” 1.16%, and “Water supply” 0.53%. It is also a short-term quantitative index that measures the changes in the volume of productions of a selected basket of industrial products over a given period with respect to that in a chosen period called the base period, it studies and analysis the economic level of the state, and the growth of various industrial sectors in economy index details.
The Industrial Production index (IPI), February 2024 reached 99.1 points decreased by 8.2% compared to the previous month (January 2024), and increased by 0.4%, when compared to the corresponding month in 2023.
Details of the press release for the sectors that make up the industrial production index:
1. “Mining”: The index of this sector showed a decrease by 9.5% compared to the previous month (January 2024), due to the decrease in the quantities of "crude oil petroleum and natural gas" with the same percentage, while “Other mining and quarrying" increased by 2.1%.
When compared to the corresponding month of the previous year (February 2023), the IPI of Mining increased by 1.0%, due to the increase in the quantities of "crude oil petroleum and natural gas" with the same percentage, while “Other mining and quarrying" decreased by 7.7%.
2. “Manufacturing”: The index of this sector showed a decrease by 0.1% compared to the previous month (January 2024), The groups showed a decrease include: “Manufacture of refined petroleum products” by 14.3%, followed by “Manufacture of beverages" by 6.2%, “Manufacture of Cement and other non-metallic mineral products”, and “Manufacture of basic metals” by 3.7% each, and “Manufacture of rubber and plastics products” by 0.1%. However, an increase was recorded in, “Manufacture of food products” by 5.0%,
“Manufacture of chemicals and chemical products “by 4.8%. and “Printing and reproduction of recorded media” by 4.7%.
On the other hand, in terms of annual change, comparing to February 2023, a decrease of 3.1% was recorded, due to the decrease in “Manufacture of basic metals” by 21.9%, followed by “Manufacture of refined petroleum products” by 17.2%, ‘’Printing and reproduction of recorded media.’’ By 9.1%, “Manufacture of rubber and plastics products” by 5.0%, “Manufacture of beverages" by 3.8%, and “Manufacture of Cement & other non-metallic mineral products" by 0.7%. However, an increase was recorded in “Manufacture of chemicals and chemical products” by 5.3%, and “Manufacture of food products” by 2.9%.
3. “Electricity, gas, supply”: A decrease of 11.1% was noticed in the production of “Electricity” between February 2024 and the previous month (January 2024). Compared with the corresponding month (February 2023), a decrease of 3.0% was recorded.
4. “Water Supply”: A decrease of 9.5% was noticed in the production of ‘'Water’ between February 2024 and the previous month (January 2024). Compared with the corresponding month (February 2023), an increase of 8.5% was recorded.
