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Another dent in growth: IIP plunges

This article was posted on Feb 10, 2012 and is filed under Market News

Industrial production grew just 1.8 per cent year-on-year in December 2011 due to contraction in mining and capital goods sectors and a lower manufacturing sector growth.

Factory output growth, as measured by the Index of Industrial Production (IIP), was at 8.1 per cent in December 2010.

Output of the manufacturing sector, which constitutes over 75 per cent of the index, rose at a lower rate of 1.8 per cent in December, compared to a growth of 8.7 per cent in the same month of 2010, according to the official data released today.

Besides, capital goods sector witnessed a contraction of 16.5 per cent against a growth of 20.2 per cent in the same month in 2010. Mining output too contracted by 3.7 per cent in December against 5.9 per cent growth in the year-ago period.

However, power generation witnessed a good growth of 9.1 per cent (5.9 per cent).

During the month, 15 out of 22 industry groups witnessed a positive growth. Output of basic goods went up by 4 per cent against 7.8 per cent. However, intermediate goods witnessed a contraction of 2.8 per cent, against 8.1 per cent growth in December 2010.

During April-December 2011, the IIP growth stood at 3.6 per cent against 8.3 per cent in the corresponding period a year-ago.

Besides, the IIP figure for November 2011 has been revised to 5.94 per cent from the provisional estimates of 5.9 per cent.

Source: Msn.com

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