Industry Output Decline by 1.1% in August | Lowest Since 2012
As per the data released by Ministry of Statistic and Program Implementation, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of August 2019 stands at 126.6, which is 1.1 percent lower as compared to the level in the month of August 2018. The cumulative growth for the period April-August 2019 over the corresponding period of the previous year stands at 2.4 percent.
Manufacturing sector yet again showed negative growth (-1.2 percent). Automobile industry is the biggest contributor with decline of more than 20 percent in the manufacturing of motor vehicles, trailers and semi-trailers. When divided by the use based classification, Capital goods registered steepest decline of 21 percent in August.
The growth rates for the Mining, Manufacturing and Electricity sectors for the month of August 2019 stand at 0.1 percent, -1.2 percent and -0.9 percent as compared to August 2018. The cumulative growth in these three sectors during April-August 2019 over the corresponding period of 2018 has been 2.8 percent, 2.1 percent and 5.0 percent respectively.
In terms of industries, fifteen out of the twenty three 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. The industry group ‘Manufacture of motor vehicles, trailers and semi-trailers’ has shown the highest negative growth of (-) 23.1 percent followed by (-) 21.7 percent in ‘Manufacture of machinery and equipment n.e.c.’ and (-) 18.0 percent in‘Other manufacturing’.On the other hand, the industry group ‘Manufacture of basic metals’ has shown the highest positive growth of 11.8 percent followed by 11.3 percent in ‘Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials’ and 10.3 percent in ‘Manufacture of wearing apparel’.
As per Use-based classification, the growth rates in August 2019 over August 2018 are 1.1 percent in Primary goods, (-) 21.0 percent in Capital goods, 7.0 percent in Intermediate goods and (-) 4.5 percent in Infrastructure/ Construction Goods.
The Consumer durables and Consumer non-durables have recorded growth of (-) 9.1 percent and 4.1 percent respectively.
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Manufacturing sector yet again showed negative growth (-1.2 percent). Automobile industry is the biggest contributor with decline of more than 20 percent in the manufacturing of motor vehicles, trailers and semi-trailers. When divided by the use based classification, Capital goods registered steepest decline of 21 percent in August.
The growth rates for the Mining, Manufacturing and Electricity sectors for the month of August 2019 stand at 0.1 percent, -1.2 percent and -0.9 percent as compared to August 2018. The cumulative growth in these three sectors during April-August 2019 over the corresponding period of 2018 has been 2.8 percent, 2.1 percent and 5.0 percent respectively.
In terms of industries, fifteen out of the twenty three 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. The industry group ‘Manufacture of motor vehicles, trailers and semi-trailers’ has shown the highest negative growth of (-) 23.1 percent followed by (-) 21.7 percent in ‘Manufacture of machinery and equipment n.e.c.’ and (-) 18.0 percent in‘Other manufacturing’.On the other hand, the industry group ‘Manufacture of basic metals’ has shown the highest positive growth of 11.8 percent followed by 11.3 percent in ‘Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials’ and 10.3 percent in ‘Manufacture of wearing apparel’.
As per Use-based classification, the growth rates in August 2019 over August 2018 are 1.1 percent in Primary goods, (-) 21.0 percent in Capital goods, 7.0 percent in Intermediate goods and (-) 4.5 percent in Infrastructure/ Construction Goods.
The Consumer durables and Consumer non-durables have recorded growth of (-) 9.1 percent and 4.1 percent respectively.
Stay tuned for more updates. Feel free to comment.
This blog is now on Telegam. For reports on Economics, Current Affairs and more, subscribe this blog on Telegam.
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