News

The General Authority for Statistics announced that the Industrial Production Index (IPI) has increased by 0.5% during the month of June 2023 compared to May 2023.  On the other hand, the results indicates that IPI registered a Y-O-Y decrease by 1.6% influenced directly by the mining and quarrying activity, where the index's sub-indicator of mining and quarrying declined by 6.5% compared to the same month of last year.   However, the activities of manufacturing and electricity and gas supply achieved annual increases by 10.1% and 25% respectively during June 2023 compared to June 2022. It is noteworthy the Industrial Production Index (IPI) is an economic indicator that reflects relative changes and evolution in the volume of industrial production quantities based on the data of the Industrial Production Survey. It is implemented monthly and targets industrial establishments operating in the targeted activities, which are mining and quarrying, manufacturing, and electricity and gas supply.

The General Authority for Statistics (GASTAT) announced that Real Estate Price Index increased by 0.8% during the second quarter of 2023 compared to the same quarter of last year (Quarter 2 2022). This increase is boosted by the slight increase in residential real estate prices by 1.1%.   According to the publication results, the residential sector prices increased by 1.1% as a result of the increase of residential lands by 1.2%, on a yearly basis during the second quarter of 2023. In addition, the prices of apartments increased by 1.0%, whereas the prices of buildings decreased by 0.9%, prices of villas by 5.0%, and prices of houses by 0.1% On the other hand, the commercial sector recorded an increase of 0.2% driven by the increase of commercial lands prices by 0.2%. However, the prices of stores decreased by 1.1%, while the prices of commercial buildings and centers remained stable and did not record any percentage change during the second quarter of 2023.   The agricultural sector registered a decline by 0.3% influenced by the decrease of agricultural lands prices by 0.3%.  The Real Estate Price General Index rely on the Ministry of Justice’s administrative data on real estate transactions. This index is an important tool that helps all concerned entities to make relevant economic and statistical decisions on the real estate prices movement and future anticipations over different periods of time. The index includes three main sectors that consist of several real estate categories:  residential sector, which consists of the following categories: (Land, building, villa, apartment, and house), commercial sector which consists of:  (Land, building, store/shop, and commercial center), and the agricultural sector which includes one category only (Agricultural lands).

The General Authority for statistics (GASTAT) released the GDP Flash Estimates Publication for the second quarter of 2023. According to the publication, real GDP increased by (1.1%) during the second quarter of 2023 compared to the same period of last year 2022.    The publication activities showed that non-oil activities positively grew by (5.5%) in quarter 2, 2023 compared to the same period of last year 2022. However, oil activities decreased by (4.2%) compared to the same period of last year.   The results also demonstrated that the seasonally adjusted real GDP declined by (0.1%) during the second quarter of 2023, compared to the first quarter of the same year.  It is worth noting that GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and research, analyzes data and information, in addition to documenting and archiving all works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. Data are written, classified, and analyzed; their indicators are extracted as well.

Merchandise exports in May 2023 amounted to SAR 97.1 billion, compared to SAR 143.0 billion in May 2022, with a decrease of SAR 45.9 billion or 32.1%, according to GASTAT's report.   The publication indicated that the value of oil exports in May 2023 recorded SAR 72.0 billion compared to SAR 115.5 billion in May 2022, with a decrease of SAR 43.5 billion by 37.7%. On the other hand, the decline of non-oil exports was the main driver of merchandise exports decline. According to the publication's results, the value of non-oil exports (including re-export) in May 2023 amounted to SAR 25.1 billion, compared to SAR 27.5 billion in May 2022, with a decrease of SAR 2.4 billion, by 8.7%.  However, the value of merchandise imports of Saudi Arabia in May 2023 amounted to SAR 67.7 billion, compared to SAR 56.0 billion in May 2022, with an increase of SAR 11.7 billion, by 20.9%.  It is worth noting that GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and research, analyzes data and information, in addition to documenting and archiving all works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. Data are written, classified, and analyzed; their indicators are extracted as well.