Industrial production grew by only half-a-cent, lowest in 17 months

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Business| Industrial production index (IIP), which measures the activities of industrial sector, registered an increase of 0.5 percent in November. According to the data released by the Central Statistics Office (CSO) on Friday, this is the lowest level of 17 months of growth rate of IIP. Due to the decline in the production of manufacturing and consumer goods, especially in the manufacturing sector, the growth rate of IIP has come down significantly.

Industrial production growth was 8.5 percent in November, 2017, a year ago. Earlier, in June, 2017, industrial output was down 0.3 percent. Industrial production growth rate of October, 2018 was revised to 8.1 percent to 8.4 percent.

During the current financial year, the average growth rate of industrial production in the period April to November was 5%, which was 3.2% in the same period of the previous financial year. The manufacturing sector, which holds a weight of 77.63 percent in industrial production, declined by 0.4 percent in November. Production of this area was up 10.4 percent a year ago.

Production of mining sector increased by 2.7 percent in November, compared to 1.4 percent in November, 2017. Electricity sector's growth rate was 5.1 percent, which was 3.9 percent in the year ago.

At the same time, the production of capital goods sector declined by 3.4 percent in November, compared to 3.7 percent in November, 2017.

Production of durable consumer goods sector also declined by 0.9 percent. Production of this area was up 3.1 percent in the same month a year ago. Consumer non-durable sector output declined by 0.6 percent in November, compared to 23.7 percent in the same month a year ago. From the context of industries, 10 out of 23 industry groups in the manufacturing sector have increased in November.

According to the user based classification, the growth in primary articles was 3.2 percent in November this year compared to the same month last year. The growth rate of intermediate goods was negative at 4.5 percent. At the same time, the growth rate of infrastructure-building goods is five percent.

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