Industrial Production Shrinks To Minus 1.1% In August

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    Industrial Production Shrinks To Minus 1.1% In August 1

    Industrial production or factory output, measured by the estimate of Index of Industrial Production (IIP) shrank by 1.1 per cent in August compared with an expansion of 4.3 per cent in July, according to data released by Ministry of Statistics & Programme Implementation. The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018.

    Analysts polled by Reuters had forecast industrial output for the month to have grown at 1.8 per cent.

    The cumulative growth in April-August over the corresponding period of the previous year was 2.4 per cent.

    “Fifteen out of 23 industry groups in the manufacturing sector have shown negative growth during the month of August 2019 as compared to the corresponding month of the previous year,” Ministry of Statistics & Programme Implementation said in a press release.

    The factory output growth declined in August on account of poor show by manufacturing, power generation and mining sectors, official data released on Friday showed.

    The manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year.

    Electricity generation declined by 0.9 per cent as against an expansion of 7.6 per cent in the year ago month while the growth in the mining sector was flat at 0.1 per cent.

    (With agency inputs)

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