Core sector growth increases to 3.2% in August

03 Oct 2016 Evaluate

Growth in eight core sectors - coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity, which comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP), rose to 3.2% in August compared with 2.6% in the corresponding month last year, on back of rise in steel production and growth in fertilizer sector. Core sectors cumulative growth during April to August, 2016-17 was 4.5 %.

As per the data of Ministry of Commerce & Industry, the combined Index of Eight Core Industries stood at 176.0 in August, 2016, 3.2% higher compared to the index of August, 2015. Among the eight sectors that make up the core sector. Steel production having weight of 6.68% surged by 17.0% to 37 month high in August, 2016 over August, 2015, aided by the low base of last year. Its cumulative index during April to August, 2016-17 increased by 4.4% over the corresponding period of previous year. Fertilizer production having weight of 1.25% jumped by 5.7% in August, 2016 over August, 2015. Its cumulative index during April to August, 2016-17 increased by 6.4% over corresponding period of previous year.

Petroleum Refinery production having weight of 5.94%, rose by 3.5% in August, 2016 over August, 2015. Its cumulative index during April to August, 2016-17 increased by 7.6% over the corresponding period of previous year. Cement production having weight of 2.41% increased by 3.1% in August, 2016 over August, 2015. Its cumulative index during April to August, 2016-17 increased by 4.4% over the corresponding period of previous year. Electricity generation having weight of 10.32% increased by 0.1% in August, 2016 over August, 2015. Its cumulative index during April to August, 2016-17 increased by 5.7% over the corresponding period of previous year.

On other hand, the Natural Gas production having weight of 1.71% dropped by 5.7% in August, 2016 over August, 2015. Its cumulative index during April to August, 2016-17 declined by 4.2% over the corresponding period of previous year. Crude Oil production having weight of 5.22% decreased by 3.9% in August, 2016 over August, 2015. Its cumulative index during April to July, 2016-17 declined by 3.1% over the corresponding period of previous year. Coal production having weight of 4.38% decreased by 9.2% in August, 2016 over August, 2015, while its cumulative index during April to August, 2016-17 increased by 2.6% over the corresponding period of previous year.

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